This article is from the Australian Property Journal archive
ONLINE conveyancing platform PEXA has made a $1.2 billion takeover bid for Canadian legal tech company Dye & Durham.
After making a move into UK land settlements with the acquisition of Smoove PLC in 2023 and remortgage processing firm Optima Legal in 2022, PEXA is now looking to expand its global footprint into North America.
In 2022, Dye & Durham made an unsuccessful $2.9 billion attempt at taking hold of superannuation administration platform Link Group, who in turn held a 42.8% stake in PEXA.
With Dye & Durham, reducing its offer to $2.2 billion before backing off.
Responding to media speculation on the takeover offer, PEXA released a statement saying the company has a policy not to respond to media speculation.
By end of say on 19 November, PEXA’s shares had fallen 3.8% to $13.06, this after the group’s shares have grown by 18.5% over the year.
In August, PEXA announced a 21% boost to its statutory revenue for FY24 at $340 million, while also posting a $18.0 million group statutory net loss after tax.