CIBC Quits as Adviser to Tech Firm’s Chaotic Strategy Review

Canadian Imperial Bank of Commerce has stepped away as financial adviser to Dye & Durham Ltd.’s strategic board committee in the middle of a review that may lead to a sale of the company.

The decision comes as the Canadian technology firm and former Chief Executive Officer Matthew Proud exchange fresh hostilities over the company’s direction.

This week, Dye & Durham said it’s taking legal action against Proud and his holding company, Plantro Ltd., seeking to enforce a “cooperation agreement” signed in July. Plantro, for its part, criticized the board and announced it’s withdrawing a takeover proposal that ...