Dye & Durham Begins Strategic Review Including Possible Sale

Dye & Durham, a Canadian legal software provider, has initiated a strategic review that could involve a sale of the company, asset sales, recapitalizations, or potential mergers to maximize shareholder value. This move follows pressure from Plantro Ltd., a significant shareholder owning 11% of the company, which had demanded immediate action to address nearly $1 billion in lost shareholder value and sought to nominate directors pushing for a sale. As part of a cooperation agreement, Dye & Durham has appointed David Danziger, an experienced finance leader, to its board and as chair of a special committee to lead the review, while Plantro has withdrawn its request for a special shareholders' meeting. The agreement includes usual standstill provisions and voting commitments, with both parties expressing a shared goal of enhancing value for shareholders. The company stated it will refrain from further public comments until the review process is completed. This development signals a collaborative effort between Dye & Durham and Plantro to stabilize the company’s finances and explore various strategic alternatives.