Corel confirms discussions with potential buyer

By Lisa Kerner

Charlotte, N.C., Aug. 21 - Corel Corp. said it is in discussions with a third party regarding a potential sale of the company.

There can be no assurance that any agreement will be reached or that any transaction will be completed, a Corel news release noted.

Corel announced on Monday that it had disbanded its special committee after Vector Capital Corp. affiliate Corel Holdings, LP withdrew its March 28 proposal to acquire Corel for $11 per share in cash.

Vector Capital owns approximately 69% of the outstanding shares of Corel, the company said.

Corel Holdings dropped its bid for Corel so that the company can pursue third-party strategic alternatives previously identified by the special committee, it was reported previously.

Corel, based in Ottawa, operates as a packaged software company. Its graphics and productivity products include CorelDRAW Graphics Suite and Corel Painter.

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