Corel & Vector: From Strange to Stranger (CREL)

[

We had already commented on hoe the merger offer for Corel Corp. (NASDAQ: CREL) from majority owner Vector Capital might be the strangest merger paths of this decade.  The strange can always get stranger.  Vector Capital had already raised its buyout price for the software company.

Corel’s board of directors said that it intends to complete the revised offer with financial and legal advisors and “in the near future.”

The new offer price for the shares not already owned it $4.00 per share in cash, a boost of $0.50 per share from Vector.  This was largely expected as Corel shares were already trading above the $3.50 original offer.

Vector tried to buy the rest of Corel it did not already own before in early 2008… at $11 per share.  Shares are up 9.6% at $4.00 this morning and we have seen trades as high as $4.05.

JON C. OGG