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Investing.com -- Dye & Durham Limited (TSX:DND) stock plunged 18% to an all-time low after major shareholder Plantro Ltd. formally withdrew its acquisition proposal valued at $10.25 per share.
Plantro, one of Dye & Durham’s largest shareholders, cited several concerning factors behind its decision, including a significant deterioration in the company’s financial performance. According to Plantro, Dye & Durham’s run-rate EBITDA has declined from approximately $300 million prior to December 2024 to now trending below $200 million with a worsening outlook.
The withdrawal announcement highlighted that both S&P Global and Moody’s recently downgraded Dye & Durham’s credit ratings, pointing to elevated leverage ratios, higher costs, lower EBITDA, operational challenges, and limited financial flexibility.
Plantro also expressed frustration with the lack of engagement from Dye & Durham’s board following the proposal submission on September 24, 2025. Despite the board publicly disclosing the offer on October 8, Plantro claims there has been no meaningful discussion regarding the terms.
Adding to investor concerns, Plantro warned that Dye & Durham likely faces debt default by March 2026 when it loses the ability to net $185 million in escrowed cash against debt. The company recently sold its Credas Technologies Ltd. unit despite Plantro’s advice against the divestiture.
Further complicating matters, Dye & Durham is currently under a Management Cease Trade Order imposed by the Ontario Securities Commission due to its failure to produce financial statements on time.
Plantro stated it is now evaluating its ownership position in Dye & Durham and may seek to reduce or exit its holdings entirely.