Dye & Durham Responds to Engine Capital's Latest Disingenuous Attacks
Thursday, Oct 24, 2024 9:11 am ET
1min read Dye & Durham Limited (DND), a leading provider of practice management solutions, has responded to Engine Capital LP's (Engine) recent criticisms, reiterating its commitment to acting in the best interests of all stakeholders. In a statement released on October 24, 2024, Dye & Durham refuted Engine's allegations and emphasized its ongoing strategic review process.
Engine, which owns approximately 7.1% of Dye & Durham's shares, has been critical of the company's board and management team, accusing them of missteps and demanding a change in leadership. Dye & Durham, however, maintains that it has a fiduciary obligation to consider all potential paths to enhance shareholder value, including a strategic review that may involve a sale, merger, or other transactions.
The company's spokesperson stated, "The board has a fiduciary obligation to consider all potential paths to enhance shareholder value, while remaining focused on the execution of the company's standalone strategy." Dye & Durham also dismissed Engine's demands as "disingenuous" and "misleading," emphasizing that the board and management team are committed to delivering results for all stakeholders.
Dye & Durham's strategic review process, which was expanded at the request of the market regulator, CIRO, is designed to evaluate the company's best course of action. The review may include a potential sale, merger, or other transactions, but the company cautioned that there is no guarantee of a deal.
The company's board and management team have been focused on executing the standalone strategy, which includes transitioning to a SaaS model and reducing total net debt and borrowing costs. Dye & Durham has also entered into a cooperation agreement with a shareholder to further refresh the board, demonstrating its commitment to engaging with shareholders and addressing their concerns.
As the strategic review process continues, Dye & Durham remains committed to acting in the best interests of all stakeholders. The company looks forward to presenting its track record and plan to continue driving value at the upcoming 2024 annual meeting of shareholders. Dye & Durham's advisors, including Goldman Sachs, Goodmans LLP, Groia & Company, Gagnier Communications LLC, and Sovereign Advisory Inc., will play a crucial role in facilitating a constructive dialogue between the company and Engine Capital and helping Dye & Durham navigate its strategic review process.
In conclusion, Dye & Durham has responded to Engine Capital's latest criticisms by reiterating its commitment to acting in the best interests of all stakeholders. The company's ongoing strategic review process is designed to evaluate the best course of action for enhancing shareholder value, while the board and management team remain focused on executing the standalone strategy. With the support of its advisors, Dye & Durham is well-positioned to navigate its strategic review process and continue driving value for shareholders.
Engine, which owns approximately 7.1% of Dye & Durham's shares, has been critical of the company's board and management team, accusing them of missteps and demanding a change in leadership. Dye & Durham, however, maintains that it has a fiduciary obligation to consider all potential paths to enhance shareholder value, including a strategic review that may involve a sale, merger, or other transactions.
The company's spokesperson stated, "The board has a fiduciary obligation to consider all potential paths to enhance shareholder value, while remaining focused on the execution of the company's standalone strategy." Dye & Durham also dismissed Engine's demands as "disingenuous" and "misleading," emphasizing that the board and management team are committed to delivering results for all stakeholders.
Dye & Durham's strategic review process, which was expanded at the request of the market regulator, CIRO, is designed to evaluate the company's best course of action. The review may include a potential sale, merger, or other transactions, but the company cautioned that there is no guarantee of a deal.
The company's board and management team have been focused on executing the standalone strategy, which includes transitioning to a SaaS model and reducing total net debt and borrowing costs. Dye & Durham has also entered into a cooperation agreement with a shareholder to further refresh the board, demonstrating its commitment to engaging with shareholders and addressing their concerns.
As the strategic review process continues, Dye & Durham remains committed to acting in the best interests of all stakeholders. The company looks forward to presenting its track record and plan to continue driving value at the upcoming 2024 annual meeting of shareholders. Dye & Durham's advisors, including Goldman Sachs, Goodmans LLP, Groia & Company, Gagnier Communications LLC, and Sovereign Advisory Inc., will play a crucial role in facilitating a constructive dialogue between the company and Engine Capital and helping Dye & Durham navigate its strategic review process.
In conclusion, Dye & Durham has responded to Engine Capital's latest criticisms by reiterating its commitment to acting in the best interests of all stakeholders. The company's ongoing strategic review process is designed to evaluate the best course of action for enhancing shareholder value, while the board and management team remain focused on executing the standalone strategy. With the support of its advisors, Dye & Durham is well-positioned to navigate its strategic review process and continue driving value for shareholders.
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