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Vector Capital today lifted its bid for Corel (CREL) to $4 a share in cash, from $3.50. The investment firm said the increased offering price follows discussions between Vector and members of Corel’s board. Vector already holds a 68.2% stake in Corel, an Ottawa-based software company which makes graphics and office productivity applications, including WordPerfect, CorelDraw and other programs.

CREL today is up 39 cents, or 10.7%, to $4.04.

Corel (CREL) this afternoon posted revenue for its fiscal third quarter ended August 31of $47.4 million, down from $66.2 million a year ago, and slightly the single estimate carried by Thomson First Call of $48.5 million. But the Ottawa-based software provider reported profits for the quarter of 27 cents a share, down from 39 cents a year ago, but above the single estimate at 18 cents.

In late trading, CREL is down 2 cents, at $2.90.

Ye gads, what the heck is going on with Corel (CREL)?

Shares of the Ottawa-based provider of packaged graphics and productivity software have gone nuts over the last two days. Yesterday, the stock rose 75 cents, or 34.6%, to $2.92. Today, the stock is up another $1.08, or 37%, to $4. The stock has more than doubled since closing Friday at $1.99.

No news, no filings, no research reports.

I’ve got a call into the company, and will pass on any explanation they can provide.

Anyone have any idea what is happening here?

Corel (CREL) this morning posted revenue for its fiscal first quarter ended February 28 of $56.2 million, down 14% from the $65.5 million reported a year earlier. The software company posted a non-GAAP profit for the quarter of 21 cents a share; on a GAAP basis Corel lost $1.5 million or 6 cents a share.

Corel (CREL) this afternoon said it expects to report revenue for its fiscal fourth quarter ended November 30 of $68.5 million to $69.5 million, short of its previous guidance of $71 million to $75 million. The company expects to post non-GAAP profits of 29 to 37 cents a share, well below its previous forecast of 52-60 cents.