Canada's Dye & Durham rejects sale, other alternatives after strategic review
The committee was formed to consider the buyout offer and other strategic alternatives including a sale to other parties, merger and sale of select assets. Dye & Durham makes technology products for legal and business professionals, and has operations in Canada, the United Kingdom, Ireland and Australia.
Canada's Dye & Durham Ltd said on Friday it would not opt for any strategic changes including a sale, putting an end to the software maker's strategic review started in response to a management-led buyout offer. The company had received a C$3.4 billion ($2.72 billion) buyout offer from a management-led shareholder group in May, less than a year after listing on the Toronto Stock Exchange.
A special committee of independent directors, which sought advise from J.P. Morgan and Scotiabank for the review, recommended in its final report that Dye & Durham continue its business strategy of growth through acquisitions, the company said. The committee was formed to consider the buyout offer and other strategic alternatives including a sale to other parties, merger and sale of select assets.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)