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Canadian court approves Corel buyout

A Canadian court has approved the takeover of software maker Corel by San Francisco venture capital firm Vector Capital, clearing the final hurdle for a buyout. Corel announced on Friday that the Ontario Superior Court of Justice had issued a ruling that endorsed Wednesday's shareholder vote that approves the deal. "I am satisfied that the arrangement is fair and reasonable and in the best interest of (Corel's) shareholders," Justice James Chadwick wrote in his ruling.

Corel said in the statement that it expects the acquisition to close next week, at which point the Canadian company will be delisted from Canadian and U.S. exchanges. Corel, best known for its CorelDraw graphics tools and WordPerfect office software, has struggled with layoffs, declining market share and persistent losses in recent years.