Dye & Durham Falls After Rejecting $2.8 Billion Buyout Offer (2)

Dye & Durham Ltd. shares plunged after the Canadian software provider said its board turned down a $2.8 billion offer by a management group and intends to stay as a public company.

A special committee of the board recommended that the Toronto-based company “continue to pursue its existing business strategy which contemplates further growth through acquisitions” under Chief Executive Officer Matthew Proud, Dye & Durham said Friday in a statement.

Dye & Durham shares plunged as much as 8.6%, its biggest drop since March, and traded at C$39.58 as of 10:11 a.m. on the Toronto Stock Exchange, its ...