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.



Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
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Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)

Chinese tech giant Huawei launched its Pura 80 smartphone series on Wednesday, as the company seeks to cement its comeback in China's premium smartphone market following years of US sanctions.

Huawei's latest flagship launch demonstrates the Chinese tech giant's continued efforts to reclaim the top spot in its home market despite ongoing US sanctions. Each new phone release is closely watched as a barometer of the company's technological capabilities and market resilience following years of restrictions that severely impacted its smartphone business.

Huawei's resurgence has intensified pressure on Apple, which has seen its market share in China steadily decline and has increasingly relied on price discounts to stimulate sales.

Huawei unveiled the Pura 80 series through a livestream event, with consumer business unit head Yu Chengdong focusing heavily on camera capabilities and AI features while staying silent about the chips powering the devices.

The series includes four models: Pura 80, Pura 80 Pro, Pura 80 Pro+, and Pura 80 Ultra. Pricing starts at 6,499 yuan ($905) for the Pro series launching June 14, with the Pro+ also launching June 14 at 7,999 yuan and the Ultra at 9,999 yuan on June 26. The base model launches in July.

The cameras use XMAGE technology and feature ultra-wide-angle and macro telephoto lenses with embedded AI that can identify objects and provide information like tourist guides.

Huawei phone launches generate significant interest as many view them as the company defying US sanctions.

On Chinese microblogging platform Weibo, three of the top ten trending topics on Wednesday were Pura 80-related. User reactions were mixed, with many praising the camera capabilities and sleek design, while others complained the prices were too high and not worth the cost.