It’s been a tumultuous year for D&D, which since last fall has faced three other governance challenges, refinanced its high debt and launched a strategic review that could lead to the company’s sale
The logo for Dye & Durham Ltd. is shown in this undated image. The embattled company has already sustained heavy high-level turnover.to entrench management and directors in the face of a governance challenge by an activist shareholder, documents filed with the Federal Court of Canada show.
But given that activist hedge fund Engine Capital LP was seeking to replace three directors at a special meeting of shareholders, Mr. Davis made an additional request. Given the likely departure of senior executives should Engine succeed, the “loss of institutional knowledge could further delay Dye’s compliance and frustrate the commissioner’s ability to receive a timely response,” he wrote.
A day later, just before a court hearing, Mr. Davis again wrote the bureau, asking that, given Engine’s expanded threat, competition commissioner Matthew Boswell reconsider D&D’s request “to include a term in the order that maintains management pending Dye’s compliance with the order.” He called the governance challenge “an extraordinary situation that demands management’s near-complete attention” as D&D expects Mr.
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