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Plantro, an investment firm controlled by former Dye & Durham CEO Matt Proud, has submitted a new offer to buy the Toronto-based legaltech company. Dye & Durham did not disclose the size of the unsolicited bid, which Bloomberg reported could be as much as $384 million. (The Logic, Bloomberg)
Talking point: The bid has reversed some of the losses that were triggered by Plantro’s decision to withdraw a previous bid last month, when it cited concerns about Dye & Durham’s debt. The company’s shares were up nearly 20 per cent in afternoon trading after being halted on Friday morning. However, the company faces still more internal turmoil. Three board members resigned this week, replaced by current CEO George Tsivin and financial industry veteran Alan Hibben. Former Dye & Durham chair Tyler Proud, Matt Proud’s brother, is proposing his own board slate for next month’s annual meeting.
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