PEXA shares slide on reports of Dye & Durham acquisition
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The news: Shares in PEXA Group slumped on the ASX after reports the online property settlements company made an informal takeover approach to Toronto-listed legal and information services firm Dye & Durham.
The numbers: PEXA shares fell 3.2% to $13.15 by 1:45pm AEDT, having advanced nearly 20% since January.
The context: In a release to the market, PEXA said it "has a policy of not commenting on media speculation" and noted that the company is "continuously assessing opportunities to deliver increased shareholder value" in the "ordinary course of business".
Citing unnamed sources, the Australian Financial Review reported that PEXA views Dye & Durham, which listed on the Toronto Stock Exchange in 2020, as a gateway to expand its product offering and geographical footprint.
The Australian group entered the UK last year as its first overseas expansion, and has been looking to build scale in the fragmented conveyancing market. It acquired Smoove in October to deepen its presence in the UK conveyancing market.
The sources: AFR, ASX announcement
