The seven-member board stepped down Tuesday morning and appointed six nominees of Engine Capital, an activist investor that has been vying for control of the Toronto-based legal software firm, as well as New York hedge fund manager Eric Shahinian. (The Logic)
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The seven-member board stepped down Tuesday morning and appointed six nominees of Engine Capital, an activist investor that has been vying for control of the Toronto-based legal software firm, as well as New York hedge fund manager Eric Shahinian. (The Logic)
Talking point: Shareholders were meant to vote Tuesday morning for the new board nominees, which included Engine Capital’s slate and a competing group put forward by Dye & Durham. The company has been at battle with Engine, which has accused Dye & Durham of “underperformance and strategic missteps.” The company has denied those claims, but said they’ve damaged the business, including harming its value and interfering with a potential sale of the company. Tuesday’s board takeover caps a yearlong power struggle, giving Engine governing control of the company.
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