Corel Corp. to File its Initial Solicitation/Recommendation Statement in Response to Corel Holdings, L.P. Unsolicited Tender ...
12 Noviembre 2009 - 7:54AM
Business Wire
Corel Corporation (NASDAQ:CREL; TSX:CRE) today announced that
the directors mandated by its Board of Directors to act as the
Board with respect to all matters related to a possible transaction
with Vector Capital, the general partner of Corel Holdings, L.P.
(“CHLP”) will cause Corel to file its initial
solicitation/recommendation statement on Schedule 14D-9 today with
the Securities and Exchange Commission (“SEC”) as well as with the
Canadian Securities Administrators in connection with its
evaluation of the unsolicited tender offer commenced by CHLP on
October 28, 2009 (the “Offer”).
As will be stated in the Schedule 14D-9, the Board is unable to
take a position with respect to the Offer at the present time
because they have not had the opportunity to complete their
evaluation of the increase in the Offer price per common share that
Vector advised them of late last night. The Board intends to
complete their evaluation of the revised Offer with their financial
and legal advisors and will in the near future, on behalf of Corel:
(i) recommend acceptance or rejection of the Offer; (ii) express no
opinion and remain neutral toward the Offer; or (iii) state that it
is unable to take a position with respect to the Offer.
Shareholders are urged to review Corel’s Schedule 14D-9, which
is being filed today with the SEC and contains additional
information, including information concerning the background of the
offer and this recommendation. The Schedule 14D-9 will be available
on Corel’s website, http://investor.corel.com or on the website
maintained by the SEC at http://www.sec.gov, and the website
maintained by the Canadian Securities Administrators at
www.sedar.com. Shareholders may also obtain copies of the Schedule
14D-9, without charge, upon request to Catherine Hughes,
613-728-0826 x1659, or catherine.hughes@corel.com.
The directors mandated to act as the Board with respect to this
matter are Daniel T. Ciporin, Steven Cohen and Barry A. Tissenbaum.
The Board has retained Genuity Capital Markets as its financial
advisor and Bennett Jones LLP and Kaye Scholer LLP as its legal
advisors. Corel has retained Woodside Counsel, P.C. as a legal
advisor.
About Corel
Corel is one of the world’s top software companies with more
than 100 million active users in over 75 countries. We develop
software that helps people express their ideas and share their
stories in more exciting, creative and persuasive ways. Through the
years, we’ve built a reputation for delivering innovative, trusted
products that are easy to learn and use, helping people achieve new
levels of productivity. The industry has responded with hundreds of
awards for software innovation, design and value.
Our award-winning product portfolio includes some of the world’s
most widely recognized and popular software brands, including
CorelDRAW® Graphics Suite, Corel® Painter™, Corel DESIGNER®
Technical Suite, Corel® Paint Shop Pro® Photo, Corel® VideoStudio®,
Corel® WinDVD®, Corel® WordPerfect® Office, WinZip®, and the
recently released Corel® Digital Studio™ 2010. Our global
headquarters are in Ottawa, Canada, with major offices in the
United States, United Kingdom, Germany, China, Taiwan and
Japan.
© 2009 Corel Corporation. All rights reserved. Corel, CorelDRAW,
Paint Shop Pro, Painter, Corel DESIGNER, VideoStudio, WordPerfect,
WinDVD, WinZip, Digital Studio, iGrafx and the Corel logo are
trademarks or registered trademarks of Corel Corporation and/or its
subsidiaries. All other product, font and company names and logos
are trademarks or registered trademarks of their respective
companies.
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