Corel (CREL) Receives Offer from Majority Shareholder for $11; SAC Capital's Steve Cohen Hired to Special Committee for Responding to Proposal
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Corel (Nasdaq: CREL) announced today it has received an unsolicited proposal from Corel Holdings, L.P., the holder of 69% of Corel's outstanding common shares. CHLP is proposing to make an offer to acquire all of Corel's outstanding common shares not currently held by CHLP at a price of US$11.00 cash per share.
The Board of Directors of Corel has formed a Special Committee of independent members of the Board consisting of Ian Giffen, Steven Cohen and Daniel Ciporin to assist it in evaluating and responding to the CHLP proposal and other related strategic considerations. Corel will not be providing further comment at this time but will provide updates as further information becomes available. There can be no assurance that any transaction will be completed or, if completed, of its terms, price or timing.
StreetInsider note: Corel is still halted.
Corel Corporation operates as a packaged software company worldwide. [BCS]
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