TORONTO

—

Legal software provider

Dye & Durham Ltd.

says it has initiated a strategic review that could include a sale of assets and the company.

In connection with the review, the company announced that it has entered into a co-operation agreement with Plantro Ltd., a large shareholder that has been pushing for such a sale.

Dye & Durham says that as part of the agreement with Plantro, David Danziger will be appointed to the board and serve as chair of a newly formed special committee that will lead the strategic review.

It says Danziger is an experienced finance leader with a background in consulting on audits, accounting, mergers and acquisition and management.

In early June, Plantro demanded immediate action from Dye & Durham to address the nearly $1 billion in lost shareholder value after the company’s share price had fallen by around 60 per cent since last December.

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Plantro raised concerns about falling cash generation and rising costs and pushed for a special meeting of shareholders, a request it has agreed to withdraw under the agreement with the company.