DX Group shareholders controlling almost a fifth of the company have signed a letter demanding the board terminates discussions with John Menzies about a proposed takeover, unless the deal is improved significantly. The letter, written by DX Group’s largest shareholder Gatemore Capital Management, clarifies its objection to the transaction with John Menzies and states that it will block the deal unless it was improved. It said the proposed reverse merger “grossly undervalues DX and its potential to recover from the current […]
The CEO and financial director of DX Group have stepped down with immediate effect after what the business described as an “exceptionally difficult year”.
DX Group’s turnaround plan, which was backed by investors to the tune of £4.76m in May, remains on course with the embattled operator set to trim losses in its current financial year.
The DX Group shareholder leading the charge against the company’s proposed acquisition of John Menzies’ distribution arm has increased its holding in the company by 10%.