The Canadian courts have set August 20 as the date for a special meeting of Corel shareholders to vote on whether to accept or refuse the Vector Capital takeover offer.

Corel needs shareholders to agree the offer in order to finalize the decision, which will still require court and shareholder approvals.

Corel president and CEO Derek Burney said: "The vote for this meeting is critically important in helping to decide the future of Corel.

"We hope all Corel securityholders will participate, in person or by proxy, in voting on the Plan of Arrangement and other resolutions required to complete the acquisition. We believe this transaction provides Corel securityholders with their best opportunity today to maximize the value of their shares.

"We believe Vector's involvement in the company will put Corel in a stronger position over the longer term, making us better able to compete in increasingly challenging markets and with greater time and focus to develop exceptional products, further enhance our level of service to customers, and provide our employees with new and interesting opportunities."

Both KPMG and CIBC World Markets have offered their opinion that the amount offered by Vector Capital ($1.05 per share) is fair.

Vector Capital managing partner Alex Slusky said: "This represents a 42 per cent premium over the market price of the shares before the announcement of negotiations on March 24.