TORONTO — Dye & Durham Ltd. says it has paused its strategic review until after its 2024 annual meeting and the election of a new board of directors.
The company is facing an attempt by activist investor Engine Capital to replace the board with six of its own nominees and take control at the shareholder meeting set for Dec. 17.
Engine Capital has accused the company's existing directors of overseeing poor returns and failing to hold management accountable.
Dye & Durham says it has received significant interest regarding its strategic review, but the board decided to pause the process in light of the activist situation and in response to feedback from shareholders.
The company has nominated its own slate of seven directors, including chief executive Matthew Proud and current board chair Colleen Moorehead, for election at the annual meeting.
Moorehead says the board and management look forward to executing on its value creation plan, and following the annual meeting, will remain open to all value creation opportunities for shareholders including a sale of the company.
This report by The Canadian Press was first published Nov. 20, 2024.
Companies in this story: (TSX:DND)
The Canadian Press