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Investing.com -- 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."