Former Executive Seeks Takeover, Offers 111 Percent Premium to Dye and Durham

Plantro Ltd., an investment vehicle controlled by former Dye and Durham executive Matt Proud, submitted a proposal on Friday to take the Canadian legal software firm private for about C$384 million, Bloomberg reported. The cash and note offer would value Dye and Durham shares at C$5.72 each, roughly a 111 percent premium to the company s recent closing price, according to people familiar with the matter. The proposal was delivered to a special committee of the board this week and would be subject to customary due diligence as well as board and regulatory review if it is formalized.

The size and structure of the bid underscore two immediate themes. First, the premium signals that the bidder sees material upside beyond current public market valuations, either through operational improvements, strategic repositioning, or consolidation opportunities in legal technology. Second, the cash and note mix suggests part of the consideration would come in a debt like instrument rather than all cash, which affects the immediate liquidity received by shareholders and the financing risk borne by the buyer.

The special committee now faces a series of standard but consequential tasks. It must evaluate whether the price and terms meet its fiduciary duties to shareholders, it will likely solicit independent financial advice, and it must assess potential conflicts arising from the bidder s prior relationship with the company. If the committee moves forward with negotiations, the process will trigger regulatory filings and reviews that can extend timelines and shape final deal terms.

For shareholders, an offer at more than double the recent market price presents a clear choice between locking in a substantial immediate premium and holding out for potential higher bids or longer term appreciation. Take private transactions often attract competing offers when the initial proposal is perceived as value creating, particularly when the premium is this large. Investors and industry watchers will also monitor whether institutional holders push for an auction or accept a negotiated sale.

The proposal fits into a broader pattern of consolidation and private capital interest in enterprise software niches where recurring revenue models and data assets can be monetized away from public market pressure. For management teams and former executives, take private transactions can be a route to execute strategic changes more rapidly without the disclosure obligations and short term performance pressures of public markets.

Key near term developments to watch include whether Plantro formalizes the offer, the special committee s assessment and recommendation, the structure and financing details of the note instrument, and any rival bids. The combination of a significant premium and a familiar insider bidder ensures the process will attract close attention from investors, regulators, and competitors in the legal technology space.