The group offers to buy out all the shares of the Canadian software firm for $41.97 per share
Management-led shareholder group proposes to take Dye & Durham private in $2.8bn worth deal. (Credit: aymane jdidi from Pixabay)
Dye & Durham has been offered to be acquired for approximately C$3.4bn ($2.8bn) by a shareholder group led by the company’s management.
The Canadian cloud-based software company has been offered C$50.5 ($41.97) per share by the shareholder group.
If executed, the proposed deal by the shareholder group will take Dye & Durham private. Currently, it is a publicly-traded company listed on the Toronto Stock Exchange.
The takeover proposal for the Canadian software firm comes less than a year after announcing its initial public offering (IPO) in July 2020.
Dye & Durham said that its board of directors has started a process to explore and assess possible strategic alternatives with a focus on maximising shareholder value.
The strategic process will be steered by a newly created special committee of independent directors and is said to have the full backing from the company’s management team.
The alternatives to be studied include the sale of part or 100% of the company, a sale of select assets, a merger or other business combination with another entity, or other strategic transactions among other things.
Dye & Durham stated: “The company has not made any decisions related to any specific strategic alternatives at this time and there can be no assurance that the exploration of strategic alternatives will result in a transaction.
“It is the company’s current intention not to disclose developments with respect to the strategic process unless and until the board of directors has approved a specific transaction, on the recommendation of the special committee, or otherwise determines that disclosure is necessary or appropriate.”
The company serves legal and business professionals with a suite of products designed for accessing public records to support business deals and regulatory compliance.
Last month, Dye & Durham acquired Terrafirma IDC and Future Climate Info in two separate transactions for $17m and $78m, respectively.
Terrafirma is a UK-based property tech business that focuses on location intelligence. On the other hand, Future Climate Info through its cloud-based technology offers access to vital intelligence details for enabling smarter insights for mission critical decisions on most real estate deals.