(Bloomberg) — Canadian software provider Dye & Durham Ltd. said its board has turned down a $2.8 billion offer made by a management group and intends to stay a public company.
A special committee of the board recommended that the Toronto-based company “continue to pursue its existing business strategy which contemplates further growth through acquisitions” under Chief Executive Officer Matthew Proud, Dye & Durham said Friday in a statement.
A group of executives made an approach in May, proposing to buy the company for C$50.50 a share. One large shareholder, Mawer Investment Management Ltd., immediately expressed its opposition to the go-private transaction and urged the company to stay public. Mawer owned about about 9% of the company at the time.
Dye & Durham said the board considered other alternatives including selling to other buyers, but prefers the status quo. The software firm has made numerous deals since going public in 2020 at C$7.50 a share.
The shares have risen as high as C$53.68 since the firm’s trading debut, though have sagged in recent weeks amid the selloff in high-growth technology shares. The shares closed at C$41.81 Thursday on the Toronto Stock Exchange.
Dye & Durham provides software for legal and business professionals, offering clients a platform for accessing legal registries and public records data. Its products help speed up document searches, document creation and electronic records filings.
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