CIBC did not immediately reply to a request for comment Thursday, and Dye & Durham didn’t give a reason for the bank’s decision.

Shares of Dye & Durham fell again Thursday, sliding as much as 12.5 per cent to $4.55 in Toronto — another record intraday low.

The Toronto-based company said its special committee “remains actively engaged” in reviewing alternatives to maximize shareholder value, including a sale of the company, asset sales, recapitalizations or mergers. It’s looking for a new adviser to replace CIBC.

Relations between Proud and the board have been strained since he lost a proxy fight last year that led to his departure as CEO. The parties struck a truce in July, but that has now come apart.

In Thursday’s statement, Dye & Durham said Plantro had abandoned their agreement and published “misleading statements” about the company’s leverage and prospects, harming the business and the board’s search for deals.

“Despite the actions taken by Plantro, the Company would be willing to settle its litigation against Mr. Proud and Plantro if they unequivocally reaffirm their commitment to the bargain struck in July, abide by the Cooperation Agreement and respect the principles of a fair and transparent strategic review,” Dye & Durham said.

The company, which provides cloud-based legal practice management software to clients across several countries, has faced operational challenges, including missing the deadline to file financial statements for the fiscal year ended June 30.

  • Dye & Durham tumbles to new low after Plantro pulls offer
  • Dye & Durham’s ex-CFO ramps up pressure on board to sell company