On October 15, 2024, Dye & Durham Limited (TSX: DND) announced a cooperation agreement with Blacksheep Fund Management Ltd., which owns approximately 5.91% of Dye & Durham's outstanding shares. Under the agreement, Blacksheep will nominate one individual to Dye & Durham’s board of directors and will collaborate with the company to appoint an independent director with expertise in areas such as SaaS, legal services, and capital allocation. Blacksheep also agreed to customary standstill and voting support provisions.

The agreement aims to infuse the board with fresh perspectives while maintaining a constructive relationship between the parties. Both Dye & Durham’s CEO, Matt Proud, and Board Chair, Colleen Moorehead, expressed gratitude for Blacksheep’s engagement, emphasizing the focus on driving value for stakeholders. Alex Fortune, CIO of Blacksheep, praised the agreement for bringing in disciplined capital allocators to support the company’s growth.

Dye & Durham retained Goldman Sachs as its financial advisor, with Goodmans LLP and Groia & Company providing legal counsel. Strategic communications were handled by Gagnier Communications LLC and Sovereign Advisory Inc. Blacksheep was represented by Fasken Martineau DuMoulin LLP.

No transaction value was disclosed.