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Thursday 18 March, 2021

Dye & Durham Limited

No bid statement regarding Idox plc

RNS Number : 7859S
Dye & Durham Limited
18 March 2021
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

FOR IMMEDIATE RELEASE

18 March 2021

No bid statement regarding Idox plc

Dye & Durham Limited ("Dye & Durham" or the "Company") today announces that, after careful consideration, it does not intend to make an offer for Idox plc ("Idox"). 

 

Following Dye & Durham's well established and customary due diligence review process, the Company has come to the conclusion that it cannot support an acquisition of Idox at a price consistent with those originally contemplated, being 67 pence, 70 pence and 75 pence per Idox share.

 

We thank Idox management for their time and consideration of this transaction.

 

Dye & Durham is committed to being the world's leading provider of public records registry data and the workflows this information powers. It will maintain a disciplined framework while continuing to evaluate a range of compelling strategic opportunities.

 

Dye & Durham is bound by the restrictions under Rule 2.8 of the Code following this announcement, save in the circumstances set out below or otherwise with the consent of the Panel on Takeovers and Mergers (the "Panel").

 

For the purposes of Note 2 on Rule 2.8 of the Code, Dye & Durham reserves the right: (a) to set aside the above statement that it does not intend to make an offer for Idox and the restrictions in Rule 2.8 of the Code, and (b) to announce or participate in an offer or possible offer for Idox and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code, in any one or more of the following circumstances:

1.    with the agreement of the board of Idox;

2.    following the announcement of a firm intention to make an offer for Idox by or on behalf of a third party;

3.    if Idox announces a proposal for a "whitewash" (as referred to in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or for a reverse takeover (as defined in the Code); or

4.  if there has been a material change of circumstances (as determined by the Panel).

 

For further information please contact:

 

Dye & Durham Limited

Matthew Proud, CEO

Martha Vallance, VP of Corporate Development

 

+1 (416) 580-3100

Canaccord Genuity Limited (Financial Adviser)

Simon Bridges, Andrew Potts (UK)

Mike Lauzon (Canada)

 

 

+ 44 (0)20 7523 8000

Important notices:

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

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