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Corel has told regulators in Canada that it has received an improved offer to buy the firm, and the board has not yet decided what to do.

Venture capital firm Vector Capital, which already owns a majority stake in desktop software vendor Corel, is offering to buy the rest of the firm.

In a statement to Canadian share regulators, Corel said: "The Board is unable to take a position with respect to the Offer at the present time because they have not had the opportunity to complete their evaluation of the increase in the Offer price per common share that Vector advised them of late last night."

Vector Capital, based in San Francisco, offered $3.50 a share at the end of October, last night it increased this offer to $4 a share.

Corel makes alternatives to Microsoft's Office products, as well as several graphics and painting software packages like PaintShop. It also owns file compression software WinZip. It has struggled against Microsoft and Adobe but still makes revenue of about $200m a year.

Corel's full statement is here. ®

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