Investment company Plantro Ltd. withdrew a proposal to acquire legal software provider Dye & Durham Ltd., saying the board didn’t show much interest in the idea. The shares plunged to a record low.
The offer was worth C$10.25 per Dye & Durham share, according to a statement Monday from Plantro, the Jersey-based firm of Matthew Proud, who’s the software firm’s former chief executive officer. That would have valued the company at nearly C$700 million ($499 million).
“Plantro is evaluating its ownership position in Dye & Durham’s shares and may seek to reduce or exit its holdings,” the statement ...
