Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer
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Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software maker Dye & Durham has received an unsolicited bid to take it private in a deal valued at C$1.34 billion, or C$20 per share, the Canadian company said on Tuesday, without disclosing the details of the bidder.

The company's second-largest shareholder, Plantro, has submitted a bid to take it private, Bloomberg News reported on Monday.

The offer represents a deal value of C$1.34 billion ($939.89 million), according to Reuters calculations.

The company, which had a market cap of about C$787 million based on its closing price on Friday, previously received four takeover bids in the low- to mid-$20s range late last year.

This offer, however, undervalues the company, analysts at Raymond James said in a note. "This appears to be a predatory bid to take advantage of the recent share price decline," the analysts added.

Plantro, which is controlled by former Dye & Durham CEO Matthew Proud, owns ~12.1% of the outstanding shares, data from LSEG shows.

Proud, along with his younger brother Tyler, grew the company from a C$4 million regional upstart to a C$2.56 billion giant before stepping down in November last year.

The company provides cloud-based software and technology solutions for legal and business professionals.

His exit was the culmination of a lengthy battle with discontented investors, who were against the company's debt-fueled acquisition strategy.

Last week, Dye & Durham shook up its board when chair Hans Gieskes — who was elected after a 10-month campaign by activist investor Engine Capital — stepped down from his positions.

Engine Capital's Arnauld Ajdler was made chair of the board, whereas Sid Singh succeeded Gieskes as interim CEO.



TikTok Says to Increase Investment in Britain

Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
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TikTok Says to Increase Investment in Britain

Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP
Around half the UK population, more than 30 million people, use TikTok each month. Kirill KUDRYAVTSEV / AFP

TikTok plans to raise its investment in the UK, its biggest community in Europe, with the creation of 500 more jobs, the Chinese-owned social media giant announced Monday.

The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of sector's biggest firms.

"TikTok's UK workforce will grow to 3,000 this year with the addition of more than 500 jobs," the company said in a statement.

It added that it was investing in a new London office, set to open next year, and whose size will dwarf its current UK head office.

It will take TikTok's investment in UK infrastructure to around £140 million ($190 million), the group said.

Around half the UK population, more than 30 million people, use TikTok each month, making it the platform's "largest user-community in Europe", the statement added.

"Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK," said Adam Presser, director of TikTok UK and global head of operations and trust and safety.

TikTok has been in the crosshairs of Western governments for years over fears personal data could be used by China for espionage or propaganda purposes.

"What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety," Presser added Monday.