Feb 25 (Reuters) - Software maker Dye & Durham ( DYNDF ) has

received an unsolicited bid to take it private in a deal valued

at C$1.34 billion, or C$20 per share, the Canadian company said

on Tuesday, without disclosing the details of the bidder.

The company's second-largest shareholder, Plantro, has

submitted a bid to take it private, Bloomberg News reported on

Monday.

The offer represents a deal value of C$1.34 billion

($939.89 million), according to Reuters calculations.

The company, which had a market cap of about C$787 million

based on its closing price on Friday, previously received four

takeover bids in the low- to mid-$20s range late last year.

This offer, however, undervalues the company, analysts at

Raymond James said in a note. "This appears to be a predatory

bid to take advantage of the recent share price decline," the

analysts added.

Plantro, which is controlled by former Dye & Durham CEO

Matthew Proud, owns ~12.1% of the outstanding shares, data from

LSEG shows.

Proud, along with his younger brother Tyler, grew the

company from a C$4 million regional upstart to a C$2.56 billion

giant before stepping down in November last year.

The company provides cloud-based software and technology

solutions for legal and business professionals.

His exit was the culmination of a lengthy battle with

discontented investors, who were against the company's

debt-fueled acquisition strategy.

Last week, Dye & Durham ( DYNDF ) shook up its board when chair Hans

Gieskes - who was elected after a 10-month campaign by activist

investor Engine Capital - stepped down from his positions.

Engine Capital's Arnauld Ajdler was made chair of the board,

whereas Sid Singh succeeded Gieskes as interim CEO.

($1 = 1.4257 Canadian dollars)