The legal tech firm’s second-biggest investor Plantro, alongside former CEO Matthew Proud, withdrew their $10.25-per share bid to buy the Toronto-based company, and said they are considering cutting or exiting their stake altogether. Dye & Durham’s share price fell to an all-time low of around $5.22. (The Logic)
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The legal tech firm’s second-biggest investor Plantro, alongside former CEO Matthew Proud, withdrew their $10.25-per share bid to buy the Toronto-based company, and said they are considering cutting or exiting their stake altogether. Dye & Durham’s share price fell to an all-time low of around $5.22. (The Logic)
Talking point: Plantro and Proud are concerned that Dye & Durham may be close to defaulting on its debt, but the company’s new leadership is fighting back. In its statement withdrawing the bid, activist investor Plantro questioned whether Dye & Durham would meet its March 2026 debt obligations by the time regulators would have approved the acquisition in the second quarter of next year. Dye & Durham said it will be in compliance with debt agreements through March 31 of next year, and shot back that it plans to sue Plantro and Proud in an Ontario court to hold them to their agreement.
Editor’s note: This briefing has been updated with a statement from Dye & Durham.
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