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    DND   CA2674881040

DYE & DURHAM LIMITED

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Delayed Toronto Stock Exchange  -  04:00 2022-08-05 pm EDT
18.47 CAD   +1.09%
08/04Dye & Durham Reportedly Offers to Sell Assets
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08/03Dye & Durham exploring options after U.K. regulator orders it to sell TM Group
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Australia's Link rejects Dye & Durham's lower offer, but keeps door open

07/03/2022 | 07:39pm EDT

July 4 (Reuters) - Australia's Link Administration said on Monday it will not recommend Canadian cloud-based software firm Dye & Durham Ltd's lowered takeover bid but agreed to continue to engage with it on hopes of securing a better offer.

Last week, Dye & Durham (D&D) cut its offer by nearly a quarter to A$2.21 billion ($1.51 billion), citing a drop in market valuation, only days after Australia's competition regulator raised concerns that D&D's acquisition of Link's near 43% stake in PEXA Group would hurt rivals' ability to compete.

The share registry firm said it would consider the reduced offer if D&D could satisfy the regulator the acquisition would not impact competition.

"Link Group will postpone the scheme meeting ... to a date to be determined" to allow D&D to present an undertaking to the competition regulator, it said. (https://bit.ly/3OWJ5LG)

The Sydney-based share registry firm is also looking at alternative plans in case the deal falls through, with options including an "in-specie distribution of a minimum of 80% of Link's shareholding in PEXA," it added.

Over the past two years, Link has received multiple buyout offers, at the heart of which is its prized stake in the electronic conveyancing firm PEXA, which listed in Australia in July last year amid a red-hot housing market.

($1 = 1.4665 Australian dollars) (Reporting by Sameer Manekar in Bengaluru; Editing by Sam Holmes)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DYE & DURHAM LIMITED 1.09% 18.47 Delayed Quote.-58.85%
HARBOUR-LINK GROUP BERHAD 1.80% 1.13 End-of-day quote.-8.87%
LINK ADMINISTRATION HOLDINGS LIMITED 0.67% 4.49 Delayed Quote.-19.39%
PEXA GROUP LIMITED 1.03% 14.69 Delayed Quote.-26.18%
All news about DYE & DURHAM LIMITED
08/04Dye & Durham Reportedly Offers to Sell Assets
CI
08/03Most actively traded companies on the Toronto Stock Exchange
AQ
08/03Dye & Durham exploring options after U.K. regulator orders it to sell TM Group
AQ
08/03TSX rises as geopolitical tensions ease
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08/03Dye & Durham Says Evaluating Options following CMA Decision on TM Group Acquisition
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08/03DYE & DURHAM BRIEF : Says Evaluating Options following CMA Decision on TM Group Acquisitio..
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08/03Dye & Durham Evaluating Options following CMA Decision on TM Group Acquisition
AQ
08/03Dye & Durham Must Sell TM Group to Approved Buyer, UK Watchdog Says
MT
08/03UK regulator orders Dye & Durham to sell TM Group on competition concerns
RE
07/21Dye & Durham and Link Group Reach Agreement On Revised Acquisition Price
MT
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Analyst Recommendations on DYE & DURHAM LIMITED
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Financials
Sales 2022 481 M 372 M 372 M
Net income 2022 24,6 M 19,0 M 19,0 M
Net Debt 2022 964 M 745 M 745 M
P/E ratio 2022 63,6x
Yield 2022 -
Capitalization 1 277 M 987 M 987 M
EV / Sales 2022 4,66x
EV / Sales 2023 3,38x
Nbr of Employees 138
Free-Float 78,8%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 18,47 CAD
Average target price 42,50 CAD
Spread / Average Target 130%
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Managers and Directors
Matthew W. Proud Chief Executive Officer & Director
Brian L. Derksen Chairman
John Sulja Chief Information Officer
Eric Tong Chief Operating Officer
Mario di Pietro Independent Director
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