The legal software firm’s second-largest investor, Plantro, has called for a special meeting to vote on its three board nominees to replace existing members, including chair Arnaud Ajdler. Plantro is controlled by former Dye & Durham CEO Matthew Proud and owns 11 per cent of the company. (The Logic)
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The legal software firm’s second-largest investor, Plantro, has called for a special meeting to vote on its three board nominees to replace existing members, including chair Arnaud Ajdler. Plantro is controlled by former Dye & Durham CEO Matthew Proud and owns 11 per cent of the company. (The Logic)
Talking point: Toronto-based Dye & Durham has been embroiled in a power struggle with activist shareholders for months. U.S. hedge fund Engine Capital, led by Ajdler, carried out a pressure campaign leading to Dye & Durham’s board quitting en masse in December, after accusing the firm of underperforming and strategic missteps. Plantro blamed the Engine-led board for Dye & Durham’s “value destruction,” pointing to the company’s stock price, which has fallen nearly 40 per cent since January. Plantro said in a statement that its board nominees are better suited to guide the firm through a sale. It said such a deal is needed to restore the company’s value, but claimed the current board has thwarted promising bids, including one from Plantro.
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