OneMove, which owns about 15% of Calgary-based Sylogist, said it even offered to accept fewer independent director seats before the May 12 shareholder meeting.
Tyler Proud said the board told him any deal would need approval from PenderFund Capital Management, another shareholder that has board representation.
According to OneMove, that requirement has prevented a compromise, leaving the proxy contest unresolved as the software company approaches its annual meeting.
With proxy advisors losing influence, will investors back the board's defense or the activist's promise of a turnaround?
Who truly controls Sylogist's board: its directors, or a rival shareholder accused of blocking a settlement?