Proactive Investors - Dye & Durham Limited told investors it is mulling a listing for its TM Group subsidiary on London’s AIM market as an alternative to selling the UK business to a third party, to get the best deal for the company and its shareholders.
The company, a leading provider of cloud-based legal practice management software designed to make managing a law firm, organizing cases, and collaborating with clients easy, said it has appointed finnCap Ltd as nominated advisor with respect to a potential admission of TM Group to AIM. It would first effect a spin-out of the company to shareholders, it added.
However, the company said it is also engaging with multiple bidders in an effort to sell TM Group to a third party via auction, its preferred option.
In August 2022, the UK’s Competition and Markets Authority (CMA) said Dye & Durham should sell TM Group, which it bought in July 2021, due to competition concerns.
“The company believes having two options to the disposition process is prudent, responsible and helps ensure the disposition generates maximum shareholder value,” Dye & Durham said in a statement. “Both the sale and the admission to AIM processes are subject to CMA approval, among other conditions. The company intends to continue to work collaboratively with the CMA and all other relevant stakeholders.”
Dye & Durham said it will make a determination to proceed with either the sale process or the AIM-admission process, or neither, ahead of the deadline set out in the undertaking to effect the disposition.