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Corel to be bought by Vector Capitol

Posted by ryuzaki0 on from the meet-the-new-boss dept.

mgeoffrey writes "Corel announced that Vector Capitol will acquire Corel by buying out all outstanding shares at $1.05 a share. They are buying 22,890,000 shares. Vector Capitol has published a full report." Looks like the natural continuation after Microsoft sold off their Corel holdings.

5 of 161 comments (clear)

  1. Great, Painter and Bryce get another "master" by ScottGant · · Score: 5, Funny

    These two programs seem to be the drunk floozies that get passed around at the frat party.

    How many different companies have owned these two again?

    --

    "Music is everybody's possession. It's only publishers who think that people own it." - John Lennon.
  2. Does anyone here check facts? by Bob+Cat+-+NYMPHS · · Score: 5, Informative

    The sale price is $98,000,000.

    http://biz.yahoo.com/rc/030606/tech_corel_vector _3 .html

    I didn't make that a link because I wanted slashcode to annoy you with the extraneous blank.

    --
    The latest Slashdot meme.
  3. Re:cheap? by PerryMason · · Score: 5, Informative

    The post isnt actually accurate. Vector Capital purchased 22,890,000 Series A shares from Microsoft on March 10th or thereabouts at $0.5625. They are now offering $1.05 per share for the remaining stock. The board of directors has recommended that shareholders take the offer. It "represents a premium of 42% to the market immediately prior to our announcement that Vector had entered into a non-disclosure and standstill agreement with Corel," said James Baillie, Chairman of Corel's Board of Directors.

    So from the point of view of the shareholders, its probably not a bad deal.

    --
    "I'm tired of all this 'Aren't humanity great' bullshit. We're a virus with shoes" - Bill Hicks
  4. Re:cheap? by PerryMason · · Score: 5, Informative

    The maths for anyone who cares;

    Corel shares;
    24,000,000 Series A preferred shares
    91,840,000 common shares.

    VC bought 22,890,000 Series A shares at $0.5625=$12.876 Million.
    They now offer $1.05 per share for the remaining 1,110,000 Series A and 91,840,000 common shares=$97.6 Million.

    So all up your looking at about $110 Million for Corel, 'lock, stock and barrel'.

    Check out their end of quarter financial report up to 28th Feb '03 for the lowdown on their financial position.
    The long and the short is; $50 Million in cash/liquid assets, posting losses but with very few liabilities.

    --
    "I'm tired of all this 'Aren't humanity great' bullshit. We're a virus with shoes" - Bill Hicks
  5. Bryce by macaddict · · Score: 5, Insightful
    This is interesting, considering Bryce for Mac was just killed. From MacCentral and MacNN . The Corel suit won't give a straight answer, but the Bryce page no longer lists a Mac version.

    Corel was apparently looking for a buyer for Bryce. How this buyout will affect things, who knows. But I'm not going to get my hopes up for Bryce to ever run on the Mac again.

    But, we still have Vue. And Eric Wenger, the original creator of Bryce, posted on the U&I forums that he is working on a new landscape creator. Demo images