The board of DavidsTea is fighting back against a co-founder’s attempt to replace them with a dissident slate of nominees.
In a statement today, the Montreal-based company says Herschel Segal is trying to gain control of the board without paying a premium by pushing the election of seven director nominees at its annual meeting June 14.
Segal controls 46 per cent of DavidsTea through Rainy Day Investments Ltd.
He was on the board until resigning March 5.
The current board says Segal is the “the architect” of many of DavidsTea’s current challenges and labelled his statements that his control would bring a new, objective vision for the company as “disingenuous.”
It says it is open to continued discussions with all shareholders, including Segal, to avoid a public proxy contest.