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TORONTO — Legal software provider Dye & Durham Ltd. says it has initiated a strategic review that could include a sale of assets and the company.
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In connection with the review, the company announced that it has entered into a co-operation agreement with Plantro Ltd., a large shareholder that has been pushing for such a sale.
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Dye & Durham says that as part of the agreement with Plantro, David Danziger will be appointed to the board and serve as chair of a newly formed special committee that will lead the strategic review.
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It says Danziger is an experienced finance leader with a background in consulting on audits, accounting, mergers and acquisition and management.
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In early June, Plantro demanded immediate action from Dye & Durham to address the nearly $1 billion in lost shareholder value after the company’s share price had fallen by around 60 per cent since last December.
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Plantro raised concerns about falling cash generation and rising costs and pushed for a special meeting of shareholders, a request it has agreed to withdraw under the agreement with the company.
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