Latest news with #DyeAndDurham
Reuters
2 days ago
- Business
- Reuters
Dye & Durham investor Plantro calls for special meeting, urges sale of company, documents show
NEW YORK, July 7 (Reuters) - Canadian legal software maker Dye & Durham's ( opens new tab second biggest investor, Plantro Ltd, has launched a proxy fight to elect new directors and is pushing for a sale of the company, according to documents seen by Reuters. Plantro Ltd, which owns 11% of Dye & Durham, told the company on Monday that it nominated three director candidates to the 7-person board and that it requisitioned a special meeting where shareholders would vote on the nominees. Its nominees would bring expertise in buying and selling companies, capital allocation, operations, technology and governance, Plantro said. The company nominated industry executives Brian Bidulka, David Danziger, and Martha Vallance, a former chief operating officer at Dye & Durham. It wants them to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. A representative for Dye & Durham did not immediately respond to a request for comment and the three directors could not be immediately reached for comment. The investor, a company controlled by former Dye & Durham CEO Matthew Proud, previously asked Dye & Durham to stabilize its executive ranks, divest the financial services division, and later this year work on selling the remaining core business. Now Plantro is turning up the heat. Selling the financial services unit is not enough to solve the company's problems and the share price would continue to sink if Dye & Durham remained a publicly traded company, it argued. Plantro wants a full sale immediately, arguing this is the only way to realize a control premium for shareholders and restore stability in the business. The stock has lost 42% of its value since January and is worth roughly $488 million. Plantro said new blood is needed in the boardroom because current directors refuse to engage with potential buyers. It also said there are parties that would want to buy the company but did not identify those parties. The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs (GS.N), opens new tab as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders.
CTV News
3 days ago
- Business
- CTV News
Dye & Durham shareholder pushes for sale of company, seeks board changes
The CN Tower and Union Station are pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — A large shareholder of Dye & Durham Ltd. is pushing the company to put itself up for sale and seeking changes to its board of directors. Plantro Ltd., which says it holds about an 11 per cent stake in Dye & Durham, has requested a special meeting of shareholders and nominated three people to the company's board. It is seeking to add Brian Bidulka, David Danziger and Martha Vallance to the board. It wants the removal of board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Activist investor Engine Capital successfully pushed for a shakeup at the company in December. Engine Capital's slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote. However, Plantro says the Engine activist group and the board have pursued a misguided and haphazard strategy. Dye & Durham shares were up $1.28 at $11.22 in trading on the Toronto Stock Exchange just before noon. This report by The Canadian Press was first published July 7, 2025.
Bloomberg
3 days ago
- Business
- Bloomberg
Ousted CEO Escalates Dye & Durham Power Struggle, Calls on Company to Sell
A firm headed by the former chief executive officer of Dye & Durham Ltd. says the Canadian software company should put itself for sale. The shares surged. Plantro Ltd., which is run by Matthew Proud and owns about 11% of Dye & Durham, also proposed adding three of its own nominees to the board.
Yahoo
3 days ago
- Business
- Yahoo
Dye & Durham shareholder pushes for sale of company, seeks board changes
TORONTO — A large shareholder of Dye & Durham Ltd. is pushing the company to put itself up for sale and seeking changes to its board of directors. Plantro Ltd., which says it holds about an 11 per cent stake in Dye & Durham, has requested a special meeting of shareholders and nominated three people to the company's board. It is seeking to add Brian Bidulka, David Danziger and Martha Vallance to the board. It wants the removal of board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Activist investor Engine Capital successfully pushed for a shakeup at the company in December. Engine Capital's slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote. However, Plantro says the Engine activist group and the board have pursued a misguided and haphazard strategy. Dye & Durham shares were up $1.28 at $11.22 in trading on the Toronto Stock Exchange just before noon. This report by The Canadian Press was first published July 7, 2025. Companies in this story: (TSX:DND) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
3 days ago
- Business
- CNA
Dye & Durham investor Plantro calls for special meeting, urges sale of company, documents show
NEW YORK :Canadian legal software maker Dye & Durham's second biggest investor, Plantro Ltd, has launched a proxy fight to elect new directors and is pushing for a sale of the company, according to documents seen by Reuters. Plantro Ltd, which owns 11 per cent of Dye & Durham, told the company on Monday that it nominated three director candidates to the 7-person board and that it requisitioned a special meeting where shareholders would vote on the nominees. Its nominees would bring expertise in buying and selling companies, capital allocation, operations, technology and governance, Plantro said. The company nominated industry executives Brian Bidulka, David Danziger, and Martha Vallance, a former chief operating officer at Dye & Durham. It wants them to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. A representative for Dye & Durham did not immediately respond to a request for comment and the three directors could not be immediately reached for comment. The investor, a company controlled by former Dye & Durham CEO Matthew Proud, previously asked Dye & Durham to stabilize its executive ranks, divest the financial services division, and later this year work on selling the remaining core business. Now Plantro is turning up the heat. Selling the financial services unit is not enough to solve the company's problems and the share price would continue to sink if Dye & Durham remained a publicly traded company, it argued. Plantro wants a full sale immediately, arguing this is the only way to realize a control premium for shareholders and restore stability in the business. The stock has lost 42 per cent of its value since January and is worth roughly $488 million. Plantro said new blood is needed in the boardroom because current directors refuse to engage with potential buyers. It also said there are parties that would want to buy the company but did not identify those parties. The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders.
