The corporate logo for Dorel Industries Inc. is shown in this handout photo. THE CANADIAN PRESS/HO February 15, 2021 - 12:24 PM
MONTREAL - Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders. Moving ahead. Business as usual, a spokesman for the company said in an email on Monday.
A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company s multiple-voting shares.
But Dorel chief executive Martin Schwartz said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday s special meeting after reviewing votes from shareholders.
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(Bloomberg) Cerberus Capital Management LP and the founding family of Dorel Industries Inc. terminated their bid to take private the Canadian toy and bicycle maker after it failed to win enough support from shareholders.
Dorel said Monday the buyers pulled the plug on the C$453 million ($357 million) deal after examining the proxy votes that came in by Friday’s deadline. A shareholder meeting had been scheduled for Tuesday morning on the C$16-a-share bid.
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Letko Brosseau is Pleased with the Termination of Dorel Industries Going Private Transaction
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MONTREAL, Feb. 16, 2021 /PRNewswire/ - Letko, Brosseau & Associates Inc., an independent investment manager that exercises investment control or direction over approximately 12.2% of the outstanding class B subordinate shares of Dorel Industries Inc. ( Dorel or the Company ), is pleased that the proposed going private transaction of Dorel by Cerberus Capital Management, L.P. and the controlling shareholders of the Company has been terminated.
We have every confidence in the management and strongly believe in the long-term potential of the Company.
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