Idox confirms takeover talks with Dye & Durham
Updated : 09:24
Idox shares surged on Friday after the management software provider said it is in talks with Dye & Durham about a possible acquisition.
Dye & Durham, a provider of cloud-based software and technology solutions, said it had submitted three non-binding indicative proposals for Idox.
It made proposals of 67p, 70p and 75p a share on the 9th, 17th and 18th of February, respectively. These represent premiums of about 25%, 30% and 39% respectively to the closing share price of Idox immediately prior to Dye & Durham's initial proposal.
The latest one values Idox at about £342m.
Dye & Durham said it had "evaluated this acquisition and the strategic rationale for some time", but added that there can be no certainty an offer will be made.
Idox confirmed it has entered into discussions with Dye & Durham "in order to explore a basis for the agreement of a recommended cash offer".
A further announcement will be made in due course, it said.
At 0900 GMT, Idox shares were up 23.5% at 75.80p.