The Globe and Mail reports in its Tuesday, March 19, edition that Dye & Durham has been targeted by Engine Capital, a New York activist investment firm that advocates for change in undervalued companies. The Globe's Sean Silcoff writes that Dye & Durham said Friday that it had received a letter requisitioning a meeting of its shareholders from the 11-year-old hedge fund, and that it would review and consider the request before commenting further. Dye & Durham also said chairman Brian Derksen would not stand for re-election at its next annual meeting, and that director Colleen Moorehead will take over his position at the company's next board meeting. The acquisitive, heavily indebted legal software provider has not shared the contents of Engine's letter publicly, but an unnamed source said the hedge fund, which owns 5.1 per cent of its stock, stated in the March 10 letter that it wants three of the seven seats on the company's board. Mr. Silcoff says the letter is seen as the opening of negotiations between the two and might not necessarily lead to a proxy fight. Engine has also been pushing Calgary's Parkland to take measures to improve shareholder value for the past year.