Corel Corporation (Nasdaq: CREL) is a long-term player in the software business. It has products like WinZip, CorelDRAW, iGrafx, WordPerfect, and so on. However, with competitors like Microsoft Corporation (Nasdaq: MSFT) and even Google, Inc. (Nasdaq: GOOG), it's been particularly tough.

Well, Corel's largest investor (owning 69%), Vector Capital, has expressed interest in taking the company private. Keep in mind that Vector took Corel private back in 2003 (at $1.05 per share).

As for the current proposal, it's for $11 per share (the 52-week high on Corel is $14.37). And, Corel has now hired a financial advisor, Genuity Capital Markets, to evaluate the proposal as well as look at other alternatives.

I think this is really just "going through the motions" process (and making sure fiduciary responsibilities are met). Simply put, I don't think there will be much interest in Corel from other bidders. The credit crunch will make it difficult for rival private equity firms to come up with a bid. Plus, there don't seem to be any ideal strategic buyers.

After all, the stock price is trading at only $10.75 right now.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.