Idox gets £342.8m takeover offer from Dye & Durham
Idox plc has confirmed receiving three non-binding indicative proposals for a takeover from Dye & Durham this month, with the latest being 75 pence per share in cash, valuing the former at around £342.8 million.
Based in the UK, Idox is a specialist software solutions provider to the government and industry. On the other hand, Dye & Durham is a Canada-based provider of cloud-based software and technology solutions.
Idox has now entered into talks with Dye & Durham for exploring a basis for the agreement of a recommended cash offer.
Dye & Durham had earlier made offers of 67 pence and 70 pence to the British specialist software solutions this month.
The Canadian firm said that its goal is to become a major global provider of public records registry data.
Dye & Durham said that Idox could be a natural strategic vertical asset as it offers specialist software solutions to more than 90% of local government authorities in the UK. The solutions of Idox are said to support the complex operations and management of public record information.
Furthermore, many of Dye & Durham’s customers across the UK, on a daily basis, access the public record information managed by Idox’s software, which enables them to manage their information and regulatory needs.
Dye & Durham said that there can be no assurance that an offer will be made to Idox.