The Toronto-based legal software firm has launched a strategic review, which will consider a full or partial sale of the company, asset sales, recapitalizations or a merger. Plantro, an investment firm controlled by former Dye & Durham CEO Matthew Proud, agreed to withdraw its demand for a shareholder meeting to vote on replacing existing board members, including chair Arnaud Ajdler. (The Logic)
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The Toronto-based legal software firm has launched a strategic review, which will consider a full or partial sale of the company, asset sales, recapitalizations or a merger. Plantro, an investment firm controlled by former Dye & Durham CEO Matthew Proud, agreed to withdraw its demand for a shareholder meeting to vote on replacing existing board members, including chair Arnaud Ajdler. (The Logic)
Talking point: Proud was ousted from Dye & Durham last year amid an activist campaign led by Ajdler’s firm Engine Capital, which took over the board in December. Since then, Proud has been calling for the company to be sold and has accused the current board of thwarting take-private bids, including one from Plantro, to the detriment of shareholders. After months of blaming each other for devaluing the company, Ajder and Proud said in statements Tuesday that they’re now co-operating on a solution for the company that will create the most value for shareholders. The company’s stock price was up more than 29 per cent Wednesday afternoon.
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