Latest news with #ArnaudAjdler
The Market Online
30-07-2025
- Business
- The Market Online
This software stock is breaking out on news of a strategic review
Dye & Durham stock (TSX:DND) has added more than 25 per cent after the company announced a strategic review to maximize shareholder value Dye & Durham specializes in practice management solutions for legal professionals The software stock has given back 11.26 per cent year-over-year and more than 70 per cent since 2022 Dye & Durham stock (TSX:DND) has added more than 25 per cent after the legal practice management software provider announced a strategic review to maximize shareholder value. According to Wednesday's news release, the board will consider 'a sale of the company, asset sales, recapitalizations or potential mergers' during its due diligence process. This content has been prepared as part of a partnership with Dye & Durham Ltd., and is intended for informational purposes only. Dye & Durham's review has led to a cooperation agreement with major shareholder Plantro, a company with ties to former chief executive officer Matt Proud, to withdraw its special meeting requisition to refresh the board of directors. The agreement will also see David Danziger, CPA, CA, appointed to the Dye & Durham board, in addition to chairing a newly formed special committee to lead the strategic review. Danziger previously served as senior vice president, assurance, and national leader of public companies at MNP LLP, Canada's fifth-largest accounting firm, where he continues to serve as a senior advisor. He has lent his extensive audit, accounting, M&A and management consulting expertise as a board member of numerous technology, mining and life sciences companies listed on the TSX, TSXV, CSE and NYSE. Leadership insights 'Over the past several weeks, the board has engaged with shareholders to carefully consider Dye & Durham's next steps,' Arnaud Ajdler, Dye & Durham's board chair, said in a statement. 'We appreciate the constructive and pragmatic engagement that we have had with Plantro and Matt Proud towards our shared goal of enhancing value for the company's shareholders, and we are pleased to have reached a resolution. We welcome David, whose M&A and accounting expertise and significant public company director experience will be incredibly additive.' 'As one of the company's largest and longest-standing shareholders, we are pleased to have reached a constructive agreement with the board that provides the basis to thoughtfully pursue a sale of the company to preserve and maximize value for all shareholders,' Proud added. 'Plantro is appreciative of the efforts of the board chair Arnaud Ajdler in developing this collaborative framework. We look forward to remaining an engaged and constructive shareholder.' About Dye & Durham Dye & Durham specializes in practice management solutions for legal professionals. The company operates in Canada, the United Kingdom, Ireland, Australia and South Africa. Dye & Durham stock (TSX:DND) has given back 11.26 per cent year-over-year and more than 70 per cent since 2022. Join the discussion: Find out what investors are saying about this software stock on the Dye & Durham Ltd. Bullboard, and make sure to explore the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
Yahoo
08-07-2025
- Business
- Yahoo
Dye & Durham stock jumps after shareholder calls for company sale
-- Dye & Durham Ltd (TSX:DND) stock rose 5.5% after major shareholder Plantro Ltd. requisitioned a special meeting to replace three board members and push for a sale of the company. Plantro, which owns approximately 11% of Dye & Durham, nominated three new directors and called for the removal of Board Chair Arnaud Ajdler and two other directors. The shareholder claims the current board has overseen the destruction of nearly $1 billion in shareholder value since December 2024. In its requisition, Plantro argued that remaining public "is no longer a viable option" for Dye & Durham and that "a full sale of the company is the only way to realize a control premium for current shareholders and restore stability in the business." The activist shareholder alleges the current board, influenced by what it calls the "Engine Activist Group" consisting of Engine Capital, EdgePoint Wealth Management, and OneMove Capital, has pursued a strategy of customer price cuts and overspending that has led to declining adjusted EBITDA, reduced cash flow, and rising debt. According to Plantro, the board has rejected multiple acquisition offers, including a $25 per share all-cash offer before the current board took control, Plantro's own $20 per share offer in February 2025, and reportedly an approximately $20 per share offer from Advent International in April 2025. Plantro's nominees include Brian J. Bidulka, former CFO of Research in Motion; David Danziger, a finance leader and corporate director; and Martha Vallance, former Chief Operating Officer of Dye & Durham. If elected, these nominees intend to "immediately pursue a well-governed and thoughtful process to sell the Company without delay to the buyer willing to pay the highest price." Related articles Dye & Durham stock jumps after shareholder calls for company sale TMC shares dip as Iceberg Research rebuts Ives upgrade Jefferies downgrades MP Materials as China eases rare earth restrictions
CTV News
07-07-2025
- Business
- CTV News
Dye & Durham shareholder pushes for sale of company, seeks board changes
The CN Tower and Union Station are pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — A large shareholder of Dye & Durham Ltd. is pushing the company to put itself up for sale and seeking changes to its board of directors. Plantro Ltd., which says it holds about an 11 per cent stake in Dye & Durham, has requested a special meeting of shareholders and nominated three people to the company's board. It is seeking to add Brian Bidulka, David Danziger and Martha Vallance to the board. It wants the removal of board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Activist investor Engine Capital successfully pushed for a shakeup at the company in December. Engine Capital's slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote. However, Plantro says the Engine activist group and the board have pursued a misguided and haphazard strategy. Dye & Durham shares were up $1.28 at $11.22 in trading on the Toronto Stock Exchange just before noon. This report by The Canadian Press was first published July 7, 2025.
Yahoo
07-07-2025
- Business
- Yahoo
Dye & Durham shareholder pushes for sale of company, seeks board changes
TORONTO — A large shareholder of Dye & Durham Ltd. is pushing the company to put itself up for sale and seeking changes to its board of directors. Plantro Ltd., which says it holds about an 11 per cent stake in Dye & Durham, has requested a special meeting of shareholders and nominated three people to the company's board. It is seeking to add Brian Bidulka, David Danziger and Martha Vallance to the board. It wants the removal of board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Activist investor Engine Capital successfully pushed for a shakeup at the company in December. Engine Capital's slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote. However, Plantro says the Engine activist group and the board have pursued a misguided and haphazard strategy. Dye & Durham shares were up $1.28 at $11.22 in trading on the Toronto Stock Exchange just before noon. This report by The Canadian Press was first published July 7, 2025. Companies in this story: (TSX:DND) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
06-06-2025
- Business
- Globe and Mail
Engine Capital pushes Sunoco to increase $7.7-billion takeover bid for Parkland
Hedge fund Engine Capital LP is pushing Sunoco LP SUN-N to boost its $7.7-billion friendly takeover bid for gas station owner Parkland Corp. PKI-T On Friday, New York-based Engine Capital said it plans to oppose Sunoco's offer for Parkland at a shareholder vote scheduled for June 24. Engine Capital owns 2.5 per cent of Calgary-based Parkland and has been campaigning for the company's sale. Parkland owns more than 4,000 outlets, including the On the Run convenience store chain, and a Burnaby, B.C., oil refinery supplying fuel to the Lower Mainland. In early May, Sunoco offered $44 per Parkland share in a combination of its own shares and cash in a transaction that would create one of North America's largest gas station and convenience store operators. Andrew Willis: Sunoco's bid for gas station operator Parkland fits Trump's MAGA agenda On Friday, Engine Capital said in a press release the Sunoco offer 'materially undervalues Parkland.' 'To be clear, our opposition to this transaction is directed at its terms – not at Sunoco or its management team,' said Engine Capital managing partner Arnaud Ajdler and partner Brad Favreau. 'We have great respect for both and would welcome the opportunity to become long-term investors in Sunoco if the transaction terms more accurately reflected Parkland's intrinsic value.' Parkland announced the takeover after facing an activist campaign from its largest shareholder, Simpson Oil Ltd., aimed at replacing the board. Engine Capital said: 'The sale process conducted by the board was expedited and flawed.' Simpson Oil owns 19.8 per cent of Parkland and wanted to install new leadership at the company. The company has not commented on Sunoco's bid. In 2023, Sunoco offered to buy Parkland for $18 per share and 0.443 Sunoco units, according to Engine Capital. Parkland's board turned down the offer. The fund manager said the previous bid would now value Parkland at $50.70 per share. 'We believe the 2023 Sunoco proposal – while still undervaluing Parkland – would better reflect the intrinsic value of the company,' Engine Capital said. Parkland and Sunoco structured the takeover with a wrinkle meant to allow the deal to close, even if Engine Capital and Simpson Oil vote against the transaction. The acquisition is structured as a plan of arrangement, requiring approval from 66.6 per cent of votes cast by Parkland shareholders. However, Sunoco negotiated the right to switch the offer into a takeover bid, which only needs support from 50 per cent of all outstanding Parkland shares, at any time up until the June 24 meeting.
