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    DND   CA2674881040

DYE & DURHAM LIMITED

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Delayed Toronto Stock Exchange  -  04:00 2022-08-12 pm EDT
19.04 CAD   -2.61%
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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Dye & Durham lowers Link Administration takeover offer by a quarter

06/26/2022 | 10:30pm EDT

(Reuters) - Australia's Link Administration said on Monday Canadian cloud-based software company Dye & Durham Ltd lowered its takeover offer by nearly a quarter to A$2.21 billion ($1.54 billion) citing low market value of the share registry firm.

Dye & Durham (D&D) has now offered Link A$4.30 in cash for each share, a 16.5% premium to the stock's last close on Friday but about 25% lower than its previous proposal of A$5.50 apiece made in December.

Link shares have tanked 23% since D&D made its first offer on Dec. 22, losing about A$680 million in market value since then, while shares of PEXA Group Ltd have lost about 19%.

The new proposal comes days after Australia's competition regulator raised concerns about D&D's takeover offer, which would give the Canadian firm access to Link's prized 42.8% stake in electronic conveyancing group PEXA. The regulator fears the acquisition of PEXA stake would impact rivals' ability to compete.

Link said on Monday D&D was considering providing an undertaking to the regulator to obtain approval for the acquisition, but did not disclose what it would entail. It also said its board would consider the fresh offer.

Over the past two years, Link has received multiple buyout proposals, namely from global investment firms Carlyle Group and KKR & Co Inc, and a failed bid by a consortium that included Carlyle, all vying to obtain its stake in PEXA.

($1 = 1.4391 Australian dollars)

(Reporting by Navya Mittal and Roushni Nair in Bengluru; Editing by Kim Coghill and Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DYE & DURHAM LIMITED -2.61% 19.04 Delayed Quote.-57.58%
KKR & CO. INC. 0.81% 57.12 Delayed Quote.-23.33%
LINK ADMINISTRATION HOLDINGS LIMITED -0.67% 4.45 Delayed Quote.-19.57%
NAVYA -0.21% 0.3788 Real-time Quote.-81.57%
PEXA GROUP LIMITED 3.77% 15.4 Delayed Quote.-25.43%
THE CARLYLE GROUP INC. 2.47% 35.2 Delayed Quote.-35.88%
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
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08/03Dye & Durham Must Sell TM Group to Approved Buyer, UK Watchdog Says
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08/03UK regulator orders Dye & Durham to sell TM Group on competition concerns
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07/21Dye & Durham and Link Group Reach Agreement On Revised Acquisition Price
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Analyst Recommendations on DYE & DURHAM LIMITED
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Financials
Sales 2022 481 M 376 M 376 M
Net income 2022 24,6 M 19,2 M 19,2 M
Net Debt 2022 964 M 754 M 754 M
P/E ratio 2022 65,6x
Yield 2022 -
Capitalization 1 317 M 1 029 M 1 029 M
EV / Sales 2022 4,74x
EV / Sales 2023 3,45x
Nbr of Employees 138
Free-Float 78,8%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 19,04 CAD
Average target price 42,50 CAD
Spread / Average Target 123%
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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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