Corel investors organize against buyout

A group of Corel shareholders has organized to oppose the Canadian software maker's proposed acquisition. Organizers of the CorelRescue site maintain that Vector Capital's offer of $1.05 per share grossly undervalues Corel's products. The San Francisco-based venture capital firm's offer totals $97.6 million, not much more than the $73 million in cash on hand Corel reported at the end of its most recent quarter.

The rescue site, which claims to represent investors that hold more than 2 million of Corel's 93 million outstanding shares, urges investors to withhold their shares and vote against the deal when it comes before shareholders.