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by Mike Caswell

New York's Edenbrook Capital LLC has filed a case in the Supreme Court of British Columbia over the $870-million takeover of Absolute Software Corp., a developer of security software that was listed on the Toronto Stock Exchange. (All figures are in U.S. dollars.) Edenbrook complains that the deal undervalued Absolute and that the company structured its affairs in a manner that gave shareholders little choice but to accept the takeover. It is seeking a declaration that the company conducted its affairs in an oppressive manner.

The allegations are contained in a petition that Edenbrook filed at the Vancouver courthouse on Sept. 12, 2023. Edenbrook identifies itself as a major shareholder, having owned 5.5 million shares, or just over 10 per cent of Absolute, and having been a shareholder since December, 2017. The respondents include Absolute itself along with the company's former chief executive officer, Christy Wyatt. Also named is Daniel Ryan, who served as the company's chairman, and James Lejeal, who was the chief financial officer.

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