Matthew Proud and Dye & Durham’s board have had a contentious relationship after he lost a proxy fight last year, resulting in his departure from the company. Photo by Peter J. Thompson/National Post/Postmedia files

Investment company Plantro Ltd. withdrew a proposal to acquire legal software provider Dye & Durham Ltd. , saying the board didn’t show much interest in the idea. The shares plunged to a record low.

The offer was worth US$10.25 per Dye & Durham share, according to a statement Monday from Plantro, the Jersey-based firm of Matthew Proud , who’s the software firm’s former chief executive. That would have valued the company at nearly US$700 million.

“Plantro is evaluating its ownership position in Dye & Durham’s shares and may seek to reduce or exit its holdings,” th

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