Back in late March, Corel Corporation (NASDAQ: CREL), a provider of productivity software, received a buyout offer from its largest investor, Vector Capital, which owns 69%.

What has happened since then? Well, on Corel's Q2 conference call, the company talked about the outstanding offer. The board has formed a special committee and is evaluating matters. Unfortunately, there was no more information on the matter (and no indication when there might be some more details).

Yet, in the meantime, Corel continues to focus on the business. Revenues in the quarter increased from $65 million to $67 million. Net income was $930,000, or $0.04 per share. What's more, adjusted EBITDA was $14.9 million.

Corel has been successful with a variety of drivers. For example, the company has been savvy with its M&A, such as with its deals for JASC, WinZip and InterVideo. What's more, Corel is getting lots of traction in emerging markets. There is also growth in the company's new Blu-Ray graphics offerings.

As for fiscal 2008, Corel expects revenues of $263-$275 million, with net income of $8.5-$13.5 million.

On news of the quarterly results, there was a nice rally in the stock as it spiked 15% to $10.75.

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.