Corel Corp. (CREL,CRE.TO) and Corel Holdings, L.P. Or "CHLP", a limited partnership controlled by an affiliate of Vector Capital, jointly announced that the directors mandated by the Board of Directors of Corel Corporation or "Company" to act as the Board have unanimously determined to recommend that shareholders tender their shares pursuant to the CHLP tender offer.
In addition, the Company announced that based on that review, the directors have unanimously determined that the US $4.00 per share price offered by CHLP in its tender offer is fair to the minority shareholders and to recommend that shareholders tender their shares pursuant to the CHLP tender offer.
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.
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