- Will pause strategic review process until completion of the
2024 annual meeting and election of new board of directors
TORONTO, Nov. 20,
2024 /CNW/ - Dye & Durham Limited (the "Company"
or "Dye & Durham") (TSX: DND), today announced that
its Board of Directors ("Board") has paused the consideration of
additional opportunities to enhance shareholder value that may
include, but are not limited to, a sale of the Company, merger,
divestiture of assets, or other strategic transactions, as
previously disclosed on Oct. 22,
2024.
Dye & Durham received significant inbound interest from
multiple strategic and financial sponsor parties at attractive
premiums to the market price of its shares. The Board's
determination to pause the well-advanced process was made in light
of the current activist situation and in response to feedback from
a select group of the Company's shareholders.
"The Board appreciates the hard work that management and the
Company's advisors undertook in responding to the strong interest
in the Company. The Board and management team look forward to
executing on Dye & Durham's Value Creation Plan, and following
the completion of the 2024 annual meeting, will remain open to all
value creation opportunities for shareholders including a sale of
the Company," said Colleen
Moorehead, Chair of the Board.
Advisors
Dye & Durham has retained Goldman Sachs, as its strategic
advisor, Goodmans LLP and Groia & Company as its legal
advisors, and Gagnier Communications LLC and Sovereign Advisory
Inc. as its strategic communications advisors.
ABOUT DYE & DURHAM LIMITED
Dye & Durham Limited provides premier practice management
solutions empowering legal professionals every day, delivers vital
data insights to support critical corporate transactions and
enables the essential payments infrastructure trusted by government
and financial institutions. The company has operations
in Canada, the United Kingdom, Ireland,
and Australia.
Additional information can be found
at www.dyedurham.com.
Forward-Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
Dye & Durham's current expectations regarding future events. In
some cases, but not necessarily in all cases, forward-looking
statements can be identified by the use of forward looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", "will" or "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor
guarantees or assurances of future performance but instead
represent management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond Dye & Durham's control, which could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under "Risk Factors" in Dye & Durham's most
recent annual information form. Dye & Durham does not undertake
any obligation to update such forward-looking information, whether
as a result of new information, future events or otherwise, except
as expressly required by applicable law.
SOURCE Dye & Durham Limited