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Technology Stocks : Corel - Investors with no Humor
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To: Bill Keating who wrote (921)2/11/1999 6:30:00 PM
From: A. Reader  Read Replies (2) of 1094
 
Corel Corporation Announces Shareholder Rights Plan
OTTAWA--(BUSINESS WIRE)--Feb. 11, 1999-- COREL(NASDAQ:COSFF) (TSE:COS.) Corel Corporation today announced its Board of Directors has implemented a shareholder rights plan (the "Plan"). The Plan is subject to regulatory approval and shall not be effective until such approval is granted.

The Plan was previously approved by regulators in July 1998, but such approval has lapsed. The Board has decided to submit the Plan to the forthcoming Annual Meeting of Shareholders, rather than to a special meeting.

The Plan has been adopted in order to provide Corel's Board of Directors and shareholders with sufficient time to assess and evaluate any take-over-bid and, in the event a bid is made, to provide the Board of Directors with an appropriate period of time to explore and develop alternatives which maximize shareholder value. The Plan is also intended to ensure that all of Corel's shareholders are treated equally if a bid is made. The Plan is not intended to deter take-over bids.

Once regulatory approval has been granted, the Plan will be operative until the date of Corel's next Annual and Special Shareholders' Meeting at which Corel shareholders will consider the Plan. It is anticipated that the meeting will occur on April 14, 1999. To remain effective, the Plan must be approved by more than 50 percent of the votes cast at that meeting.
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