TORONTO, Aug. 3, 2022 /CNW/ - Dye & Durham Limited (TSX: DND) ("Dye & Durham" or the "Company"), a leading provider of cloud-based, efficient workflow software for legal and business professionals, today provided the following statement in response to the United Kingdom's Competition and Markets Authority ("CMA") Final Report following its review of Dye & Durham's acquisition of TM Group (UK) Limited ("TMG"):
The CMA has found that Dye & Durham's acquisition of TMG, which closed in July 2021, would substantially lessen competition in the supply of property search report bundles in England and Wales. The CMA also asserts that the only effective way to address the issues it has identified would be for Dye & Durham to sell the entirety of TMG to a third party.
Dye & Durham strongly disagrees with the CMA's decision and continues to believe that the acquisition of TMG would be beneficial for the search report market and its customers. The Company is reviewing the CMA's Final Report in detail and will carefully consider its options and next steps, including potentially appealing the decision. In considering those options the Company will take the following factors, among others, into account:
The minimal revenue and EBITDA generated by TMG compared to the Company's global businesses;
A review of the detailed reasons published by the CMA;
The advice it receives from financial and legal advisors; and
The Company's focus on other priorities, in particular, the Company's focus on closing the LINK transaction.
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
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