09:07 AM EDT, 10/20/2025 (MT Newswires) -- Plantro, one of the largest shareholders of Dye & Durham Limited ( DYNDF ) on Monday formally withdrew its September 24, 2025, proposal to acquire DND for total consideration valued at $10.25 per share.

In a statement Plantro cites "materially deteriorating" financial results, the sale of Credas, lack of board engagement, and looming debt default. Plantro said it will evaluate its owwnership position in DND.

This comes after DND said Monday it is launching legal action against Plantro and Matthew Proud, following their assertions that they have repudiated the cooperation agreement with the company.

It will seek a court declaration that the July 29 agreement remains fully valid and in force and injunctive relief prohibiting Plantro and DND's former chief executive, Matthew Proud from breaching its terms.

Plantro and Proud previously agreed to certain standstill restrictions while the strategic review process of the company was ongoing. The committee, established in accordance with the terms of the agreement, has been actively evaluating strategic alternatives available to the company. The committee has until Dec. 29, to start a process seeking initial written proposals.

The committee confirmed it is also evaluating Plantro's proposal, which is a conditional partial cash acquisition proposal in which OneMove Capital and Wahi Investments will participate by rolling over their shares.