Toronto, June 07: Software maker Corel Corp. said on Friday it agreed to accept a long awaited takeover bid from Vector Capital, a deal that would end its often volatile run as a public company. Ottawa-based Corel, best known for its WordPerfect and CorelDraw word processing and graphics packages, said the San Francisco-based venture capital firm would offer $1.05 a share in cash for all its common shares, making the bid worth about $97.6 million.

Vector is already Corel's largest shareholder, holding preferred shares that, if converted, would represent about 20 per cent of the common stock.
The agreement was struck one day after Corel said there was a high likelihood it would agree to be taken over, but for less than the $1.10 a share it originally demanded. The Thursday announcement sent its shares tumbling. Bureau Report