TORONTO (Reuters) - Shares of consumer software maker Corel Corp
Vector Capital, through the Corel Holdings Limited Partnership that its affiliate controls, said it will now offer $4 a share, up from $3.50 a share previously.
Vector already holds 68.2 percent of the company's shares, according to Thomson Reuters data.
"The decision to increase the offer price follows discussions between Vector Capital and the members of the board of directors of Corel designated to review the tender offer," Vector said in a statement. It added it expects the directors will recommend that shareholders accept the deal.
Corel's shares rose 49 Canadian cents to C$4.24 on the Toronto Stock Exchange.
Vector's offer is scheduled to expire at midnight Eastern time November 25, it said.
Ottawa-based Corel makes word, photo and video processing software, with brands that include WinZip, WordPerfect and CorelDraw.
Last month, it posted a drop in quarterly profit as its revenue slumped in what it described as a difficult economic environment.
($1=$1.05 Canadian)
(Reporting by Wojtek Dabrowski; editing by Dave Zimmerman)
© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
