Dye & Durham Ltd. DND-T says it has received an unsolicited offer to buy the company, but that it is not in talks regarding any such deal.
The software company said Tuesday it has received an unsolicited, non-binding, conditional and indicative proposal to buy the company for $20 per common share. The bid would value the company at about $1.3-billion.
Dye & Durham noted the proposal lacked any material detail as to its financing.
Shares in the company closed up $2.93 at $14.68 on Monday after the initial media reports of the proposal.
Activist investor Engine Capital successfully pushed for a shakeup at the company in December.
Engine Capital’s slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote.