TORONTO, Oct. 8, 2021 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") announced today that the Special Committee (the "Special Committee") of the Board of Directors (the "Board") formed on May 31, 2021 has completed its strategic process.
The Special Committee was formed in response to an indication of interest from a shareholder group led by management of the Company, first announced on May 31, 2021 (the "Management Proposal"). The Special Committed was mandated to undertake a process, with the assistance of independent legal and financial advisers, to review and assess the Company's current business strategy and possible alternatives thereto. In furtherance of its mandate, the Special Committee considered the Management Proposal and other strategic alternatives including a sale of Dye & Durham to other parties, other strategic transactions and maintenance of the status quo.
At a meeting held yesterday, the Special Committee provided its final report to the Board wherein it recommended that Dye & Durham continue to pursue its existing business strategy which contemplates further growth through acquisitions under the leadership of Mr. Mathew Proud, the Company's Chief Executive Officer. The Special Committee's recommendation has been accepted and endorsed by the Board. Accordingly, the work of the Special Committee has been completed and the committee will be dissolved.
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