Dye & Durham to consider sale, merger in truce with investor Plantro
The agreement comes less than a month after Plantro, which owns 11% of the Toronto-based Canadian legal software maker, said it was nominating three directors to the board who would push for a sale of the company, and calling for a special shareholders' meeting to vote on the nominees.
Plantro had argued a sale was the only way to realize a control premium for shareholders and restore stability in the business.
Dye & Durham has now agreed to add Plantro-nominee David Danziger to its board of directors. Danziger, who has expertise in audits, accounting, M&A and management consulting, will also chair a newly formed special committee to lead the review.
In return, Plantro has withdrawn its special meeting request.
Dye & Durham said it will not make any further public comments about the review, which could also include potential mergers, recapitalizations and asset sales, until the process has been completed.
In May, Plantro, a company controlled by former Dye & Durham CEO Matthew Proud, asked Dye & Durham to stabilize its executive team, divest its financial services division, and later this year pursue the sale of its remaining core business.
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