Corel: We are not...not for sale
The Canadian software producer published a statement this morning confirming that it is discussing a sale to undisclosed third parties.
Earlier this week, Corel announced that its majority investor Vector Capital had withdrawn its March buyout offer that valued the company at nearly $280 million, in the interest of Corel's pursuit of other "potential strategic third-party alternatives," which would best suit shareholders.
Today, the company announced that yes, these alternatives do include a potential sale of the company, and yes it is in discussions with a third party regarding Corel's sale, but no agreement has been reached.
To be certain, it said, "there can be no assurance that such an agreement will be reached. In addition, there can be no assurance that any transaction will be completed or, if completed, of its terms, price or timing." In the announcement, Corel deferred to its its November 30 filing with the US Securities and Exchange Commission.
In light of these announcements, stocks in Corel shot up 11% in NASDAQ trading. Last month, the company reported its Q2 sales had risen 3%, but profits had dropped nearly 60% year-over-year.