Plantro makes new bid to buy Canada’s Dye & Durham

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(Reuters) -Plantro has made a fresh proposal to acquire Dye & Durham, the Canadian legal software maker said on Friday, a month after the investment firm withdrew an earlier bid.

The renewed offer marks the latest escalation in a year-long standoff between the two sides, which has included clashes over senior management changes and a series of proxy battles.

Plantro, which is controlled by former Dye CEO Matthew Proud, has repeatedly pressed for strategic shifts at the company.

A Bloomberg report from Thursday said Plantro is offering about C$384 million ($272.28 million) for Dye, adding that it would pay about C$5.72 apiece in cash and notes.

Dye & Durham said its strategic committee, along with external advisers, is reviewing the new proposal.

Proud stepped down as CEO in November 2024, having led the company since 2016, following his tenure as CEO of OneMove Technologies, which was merged with Dye & Durham.

Plantro, which is second-largest shareholder in Dye & Durham, told the board it was ready to sign a binding agreement immediately without further due diligence and would allow a go-shop period for rival bids, according to the Bloomberg report.

Reuters could not independently verify the report.

Last month, Plantro said it might cut its 11% stake, citing weak results and a lack of engagement from Dye & Durham’s board.

The company rejected those claims at the time, calling them inaccurate and saying it remained committed to its strategic review.

($1 = 1.4103 Canadian dollars)

(Reporting by Rajveer Singh Pardesi and Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid, Sherry Jacob-Phillips and Rashmi Aich)