Alexis Fortune has launched a humdinger of a corporate battle from his office near Starbucks on main street in Blackrock, south Dublin.
Fortune’s hedge fund, Blacksheep Fund Management, has become an activist shareholder in the Canadian-listed software business Dye & Durham. The €800 million-valued company, which makes software for the legal profession, is being hammered by investors for underperformance.
Fortune has teamed up with another investor, Engine Capital, and is seeking to sack half the board of Dye & Durham, replacing them with himself and his associates at the firm’s annual meeting next month. It’s a ballsy play by Fortune. Dye & Durham has hired Goldman Sachs to help defend the assault.
On July 5 one of the board members agreed to step down with