On April 25, 2024, Engine Capital LP announced that it has sent a letter to shareholders of Dye & Durham Limited, stating that it has privately and repeatedly engaged with the Board of Directors on its current strategy, capital allocation approach and composition, and now publicly raises its concerns regarding Company?s underperformance and strategic missteps after Engine Capital private attempts to work constructively with the Board fizzled out. In addition, Engine Capital stated that its focus is to address and rectify the Company?s 1) Long-Term performance, 2) Company?s EBITDA multiple, 3) capital allocation, 4) misaligned Incentives. Further, Engine Capital stated that to maximize the value of the Company, the Board needs to incentivize management to optimize its return on invested capital, focus on organic growth and consider acquisitions in a measured and disciplined way ?

instead of trying to hit an arbitrary EBITDA target.