The legal-software firm, which went public in July 2020, said its board won’t agree to a $3.4-billion privatization bid. A special board committee recommended that the firm “continue to pursue its existing business strategy.” (The Logic)

Talking point: The special committee explored the proposal, as well as selling to other parties, strategic transactions and maintaining the status quo. Dye & Durham’s current strategy includes growing through acquisitions with its CEO Matthew Proud, who led the investor group making the privatization offer. The company also announced Friday Proud will receive nearly 6.9 million stock options with a five-year term “to further align the interest of the [CEO] with that of shareholders.” It also entered into a roughly $1.8-billion committed senior secured credit facility to repay what it owes under an existing term loan facility, as well as to finance acquisitions.