Thursday, Corel Holdings L.P., a limited partnership controlled by an affiliate of Vector Capital, announced that it has successfully completed its all-cash tender offer to purchase all outstanding common shares, no par value, of Corel Corp. (CREL,CRE.TO), excluding the shares owned by CHLP and its affiliates, at U.S.$4.00 per share, net to the seller in cash, without interest and less applicable withholding taxes.
The company said that the number of shares tendered pursuant to the offer satisfies the non-waivable majority of the minority condition to the offer. The depositary for the tender offer, CIBC Mellon Trust Company, has advised CHLP that, as of the expiration of the initial offering period, a total of around 4,542,951 common shares of Corel Corporation were validly tendered and not withdrawn, representing about 52% of the shares outstanding, excluding the shares owned by CHLP and its affiliates.
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