Canadian technology firm Dye & Durham Ltd. said it received an unsolicited takeover bid for $20 a share, but that it isn’t in negotiations with any buyer.
The statement confirms a Monday report from Bloomberg News. Plantro Ltd., a company controlled by former Chief Executive Officer Matt Proud, made the approach in a letter to the board. The offer values Toronto-based Dye & Durham at about $1.34 billion (US$940 million).
The company, which provides software and services to the legal industry, didn’t name Proud or Plantro in its statement and said it was disclosing the bid because market regulators in Canada asked it to. It described the offer as a “non-binding, conditional and indicative proposal, lacking in any material detail as to its financing.”
Proud stepped down as CEO last year amid a proxy fight with shareholders for control.
Paula Sambo and Derek Decloet, Bloomberg News
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