Shares of software company Idox plc (LON: IDOX) are climbing on Friday after legal technology firm Dye & Durham confirmed it has engaged in discussions with Idox regarding a potential all-cash offer.
Dye & Durham said it has submitted three indicative non-binding proposals of 67 pence, 70 pence and 75 pence per Idox share, payable in cash, to Idox's board of directors on February 9, 2021, February 17, 2021, and February 18, 2021.
The proposals represent premiums of 25%, 30%, and 39% respectively to the closing share price of Idox before the initial proposal, with the latest bid valuing the company at approximately £342.8 million.
Both companies have confirmed that there is no guarantee an offer will be made.
“Idox is a natural strategic vertical asset for Dye & Durham to own as the Company provides the specialist software solutions to over 90% of local government authorities in the United Kingdom, which supports the complex operations and management of public record information,” Dye & Durham said.
Idox’s share price is currently trading at 73p after gaining over 18% following the announcement.