Activist-targeted Dye & Durham Ltd. has received preliminary first-round bids for the whole Canadian legal software company and for its financial services division, two sources familiar with the situation said.

The company has received offers that value it at about C$1.7 billion to C$1.8 billion ($1.2 billion to $1.3 billion) including debt, the sources said, with bids ranging from C$5.75 a share to C$7 a share from both sponsors and strategics.

Alternative, first-round preliminary bids of between C$600 million to C$765 million have come in for Dye & Durham’s Canadian Financial Services division, sources said, adding prices could change as companies conduct due diligence. Second-round bids are due by mid-April, the sources added.

While the company is fielding offers for the business as a whole, management would prefer to only sell the financial services business, another source said. A sale of the unit would help pay down debt for Dye & Durham’s Canadian legal software business, which would remain public. One source suggested that it, too, could sell itself down the road.

Shares of Dye & Durham, which owns legal software for real estate transactions in Canadian markets, are down 62% and 91% over the past year and five years, respectively.

Editor’s note: The original, full version of this article was published March 31, 2026, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.