MONTREAL—Some DavidsTea Inc. shareholders are pushing back against a turnaround plan and new board of directors proposed by a large shareholder group controlled by its co-founder, Herschel Segal. Read more: DavidsTea board reviewing co-founder’s slate of director nomineesArticle Continued BelowThe shareholder group also says it no longer plans to propose an offer to buy out minority shareholders, but believes its proposed board can turn around the struggling retailer. The letter says Segal should not be allowed to reconstitute the board with hand-picked nominees without consulting the board or other shareholders. The letter also highlights the scarcity of detail around RDI’s turnaround plan. “This approach will save (DavidsTea) and all other parties from unnecessary expense and disruption.” The company’s annual meeting of shareholders will take place on June 14.

Source: thestar April 03, 2018 18:11 UTC