- There can be no assurance that the exploration of strategic alternatives will result in a transaction
Dye & Durham Ltd said on Thursday a special committee of its board has appointed JPMorgan and Scotiabank as its financial advisers for a strategic review in response to a buyout offer worth about C$3.4 billion ($2.76 billion).
The special committee is still reviewing the proposal of the management-led shareholder group, the Canadian cloud-based software maker said, adding that it has not made decisions on specific strategic alternatives as yet.
Last month, Dye & Durham had said a newly formed special committee of independent directors would explore and evaluate potential strategic alternatives, including a merger, the sale of the company or its parts, and the sale of some of its assets.
"There can be no assurance that the exploration of strategic alternatives will result in a transaction," it said in a statement.
The special committee has engaged Osler, Hoskin & Harcourt LLP, and Norton Rose Fulbright Canada LLP as legal advisers in connection with the review.
Led by Chief Executive Matthew Proud, Dye & Durham makes technology products for legal and business professionals, providing them access to government registry data, and simplifying the document search process, its website shows. It has operations in Canada, the United Kingdom, Ireland and Australia.