The Globe and Mail reports in its Friday, Oct. 24, edition that Dye & Durham stock fell again Thursday after CIBC Capital Markets withdrew from leading its sale process, just three days after being announced as an adviser to the company.
The Globe's Sean Silcoff writes that D&D announced that Canadian Imperial Bank of Commerce will not be continuing as financial adviser. The board is seeking a replacement and remains committed to a strategic sales process.
D&D stock hit an all-time low of $4.20 on Thursday before closing at $4.33, down 16.7 per cent.
The stock also fell sharply on Monday after former chief executive officer Matt Proud withdrew his offer to buy the company for $10.25 a share. It has shed more than one-third of its value this week and is 81 per cent off its 52-week high from last December. D&D faced a challenging 2025 after Mr. Proud's exit and the election of a new board in December, following a successful activist campaign by Engine Capital.
Mr. Proud led his own activist campaign against his former company earlier this year, agreeing to back off in July when D&D reached a standstill agreement with him. Under the deal, D&D appointed a new director suggested by Mr. Proud.
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