Just days after announcing the death of a buyout deal with majority shareholder Vector Capital, Corel Corp. has said it is in talks to sell itself to an unidentified third party.
The software maker said its special committee had identified strategic alternatives for the company following the withdrawal of Vector Capital affiliate Corel Holdings L.P.'s $11-per-share bid earlier this week.
Vector Capital, through CHLP, owns about 69 per cent of Corel's shares, and said in March it would purchase the remaining 31 per cent and take the company private for a second time.
But on Aug. 18, Corel said CHLP was withdrawing to "facilitate pursuit by Corel of alternatives for maximizing value for all of Corel's shareholders."
"No agreement has been reached regarding a sale of Corel and there can be no assurance that such an agreement will be reached. In addition, there can be no assurance that any transaction will be completed, or if completed, of its terms, price or timing," the company's statement on Wednesday read.
For more information about Vector's privatization offer for Corel, click on the following links:
Corel gets buyout proposal from majority shareholder
Vector's Corel bid too low: analysts
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