TORONTO, May 18, 2022
/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 provided the following statement in response to the
United Kingdom's Competition and
Markets Authority ("CMA") Phase 2 review of Dye & Durham's
acquisition of TM Group (UK) Limited ("TMG") (the
"Transaction"):
The CMA has provisionally found that Dye & Durham's
acquisition of TMG, which closed in July
2021, would lessen competition in the UK property search
services market. The CMA also asserts that the only effective way
to address the issues it has identified would be for Dye &
Durham to sell TMG to a third party. Lastly, the CMA press release
gives the erroneous impression that Dye & Durham failed to
notify the CMA regarding the transaction when in fact there was no
obligation to do so under applicable UK law, which provides only
for voluntary notification.
Dye & Durham disagrees with the CMA's provisional findings
and is evaluating its potential options. Dye & Durham complies
with all laws and regulations in every market in which it operates.
The Company has exercised every best effort to help the CMA with
its review of the transaction, explain its benefits and offer a
remedy proposal and is ready to continue to work collaboratively
with the CMA going forward.
For the twelve months ended March 31,
2021, TMG's Adjusted EBITDA was approximately £7.7
million.
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
SOURCE Dye & Durham Limited