Key Developments For Corel Corporation
Corel Corporation (CREL.O) (Consolidated Issue listed on NASDAQ Global Market)
Corel Holdings, L.P. Increases Price per Share In Its All-Cash Tender Offer For All Outstanding Common Shares Of Corel Corporation
Corel Holdings, L.P. (CHLP), a limited partnership controlled by an affiliate of Vector Capital, on November 12, 2009, announced that it has increased the price per share in its all-cash tender offer to acquire all of the issued and outstanding common shares of Corel Corporation to $4.00 per share, net to the seller in cash, without interest and less applicable withholding taxes. The decision to increase the offer price follows discussions between Vector Capital and the members of the board of directors of Corel designated to review the tender offer. Shareholders of Corel Corporation who have already tendered their shares and have not withdrawn their tenders need not take any additional action with respect to the amended tender offer. Those shareholders will receive the increased offer price of $4.00 per share upon the completion of the offer. Shareholders who wish to tender may use the Letter of Transmittal and other forms provided by CHLP in its October 28, 2009 mailing. The tender offer is scheduled to expire at midnight, New York City time on November 25, 2009. If the tender offer is successfully completed, CHLP will take steps as necessary to acquire all common shares not tendered in the offer at the same price per share as it paid in the offer, to de-register Corel as a public company and to thereby cause Corel to become a private company owned by CHLP.
Corel Holdings Launches All-Cash Tender Offer For All Outstanding Common Shares Of Corel Corporation
Corel Holdings, L.P. (CHLP), a limited partnership controlled by an affiliate of Vector Capital, announced that it has formally commenced an all-cash tender offer to acquire all of the issued and outstanding common shares of Corel Corporation at a price of $3.50 per share, net to the seller in cash, without interest and less applicable withholding taxes. The tender offer is scheduled to expire at midnight, New York City time on November 25, 2009. If the tender offer is successfully completed, CHLP will take steps as necessary to acquire all common shares not tendered in the offer at the same price per share as it paid in the offer, to de-register Corel as a public company and to thereby cause Corel to become a private company owned by CHLP.
Corel Corporation Names Tom Berquist As New CFO
Corel Corporation announced that Tom Berquist has been named the Company's new Chief Financial Officer (CFO). Berquist will join the Company effective today and assume the CFO title as of October 1, 2009, after the Company files its quarterly report for the fiscal third quarter. Doug McCollam will continue in his capacity as CFO until that time.
Corel Corporation Appoints Kris Hagerman As Permanent CEO
Corel Corporation announced that Kris Hagerman, who joined the Company as Interim Chief Executive Officer (CEO) in May 2008, will assume the role of Company CEO on a permanent basis with immediate effective. The Company also announced that Doug McCollam, Chief Financial Officer, will be leaving the Company to take a career sabbatical. McCollam will remain with the Company until a permanent replacement is identified and to assist through the transition period.
Corel Corporation Introduces New Netbook-Ready Office Suite
Corel Corporation announced Corel Home Office, a new office suite designed specifically to address the needs of consumers and home-based businesses.
