Plantro Ltd, the second-largest investor in Canadian legal software firm Dye & Durham (DND.TO), has initiated a proxy fight to elect new directors and is calling for a full sale of the company, according to documents reviewed by Reuters.
Owning an 11% stake, Plantro formally nominated three candidates—Brian Bidulka, David Danziger, and Martha Vallance (a former COO of Dye & Durham)—to the seven-member board. The nominations seek to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Plantro has also requisitioned a special shareholder meeting to vote on the proposed directors.
Plantro emphasized that its nominees bring expertise in mergers and acquisitions, capital allocation, operations, technology, and governance. The investor argues that a mere divestiture of the company’s financial services division, previously suggested, is insufficient. Instead, it urges an immediate full sale to secure a control premium for shareholders and stabilize the business.
Since January, Dye & Durham’s stock price has dropped 42%, valuing the company at about $488 million. Plantro criticized the current board for resisting engagement with potential buyers despite acknowledging that unsolicited acquisition interest exists. The company revealed in February it had received a takeover offer at C$20 per share but declined to engage with the bidder.
Last year, Dye & Durham retained Goldman Sachs as a strategic adviser to explore options but paused the review in November after shareholder feedback.
Dye & Durham and the nominated directors did not respond immediately to requests for comment.