TORONTO — Dye & Durham Ltd. says it is considering spinning out its TM Group business in addition to a possible sale after agreeing with the United Kingdom’s competition regulator last year that it would dispose of the business.
The UK’s Competition and Markets Authority (CMA) ordered the sale of the software company’s July 2021 acquisition after it found it would “substantially” lessen competition in property search reports in England and Wales.
Dye & Durham says a sale of TM Group remains its first and preferred option, but that it is also looking at a spin out as an alternative.
The company says it has engaged with multiple bidders as part of an auction process.
However, it says it believes having two options helps ensure the disposition generates maximum shareholder value.
Both plans are subject to CMA approval, among other conditions.
This report by The Canadian Press was first published March 27, 2023.
Companies in this story: (TSX:DND)
