Feeds

Corel founder slams ‘pathetic’ bid

Best wishes to rebels

  • alert
  • submit to reddit

Gartner critical capabilities for enterprise endpoint backup

Corel founder Dr Michael Cowpland has thrown in his support for dissident shareholders who are fighting the takeover of the company.

Describing the $97.6m cash offer tabled last month by Vector Capital 11 as "pathetic", Cowpland also expressed hopes that "we Corel fans succeed in helping an independent amazing future for Corel".

The dissident shareholders say that Corel's board is selling at bargain basement prices at the bottom of the market. They want the company to continue as an independent, executing its three-year turnaround plan.

According to Cowpland "Corel has a fantastic future with great Corel Graphics, WordPerfect Office 11 and Linux surging worldwide".

Is Cowpland bitter? He was, after all, probably ousted in 2000 by the board which is recommending the takeover. Or is he a hopeless romantic? Cowpland lost much credibility at Corel's helm, because of the Panglossian statements he made concerning the company's prospects, only to be undercut quickly by the stark reality of the company's actual performance.

Whatever. His intervention will succour the well-organised shareholder rebellion. Set up last month, CorelRescue.com claims that it has the support of seven million shareholder votes against the Vector Capital bid - even though most shareholders are against the plan. Admittedly this expression of support is in the form of a poll, rather than a formal proxy, so Corel's board can safely ignore this for now. &Reg;

Related stories

Corel shareholders rebel
Corel's Cowpland quits

The essential guide to IT transformation

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.