TORONTO, Dec. 23, 2021 /CNW/ – Dye & Durham Limited (TSX: DND) (“Dye & Durham” or the “Company”), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, today announced that the United Kingdom’s Competition and Markets Authority (“CMA”) has taken a decision to refer the acquisition of TM Group (UK) Limited (“TMG”) (the “Transaction”) for an in-depth Phase 2 merger investigation.
Dye & Durham closed the acquisition of TMG on July 8, 2021 for total consideration of approximately £91.5 million.
The CMA has chosen not to accept the remedy proposal offered by Dye & Durham to address the CMA’s perceived concerns. The Company now looks forward to working with the CMA during its Phase 2 review period and welcomes the opportunity to explain in greater depth the benefits that will accompany clearance of the transaction. The Phase 2 review process commenced today and is expected to conclude by June 2022.
About Dye & Durham
Dye & Durham Limited is a leading provider of cloud–based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia, and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.
Additional information can be found at www.dyedurham.com.
This press release may contain forward-looking information within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Dye & Durham Limited
For further information: Investor Relations, Ross Marshall, Phone: (416) 526-1563, E-mail: [email protected]