February 01, 2021 - 2:24 PM
TORONTO - Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,692.45, up 355.43 points.)
BlackBerry Ltd. (TSX:BB). Technology. Up 85 cents, or 4.73 per cent, to $18.81 on 12.8 million shares.
Supreme Cannabis Co. Inc. (TSX:FIRE). Health care. Up half a cent, or 2.86 per cent, to 18 cents on 11.6 million shares.
Northern Dynasty Minerals Ltd. (TSX:NDM). Materials. Up 22.5 cent, or 30.82 per cent, to 95.5 cents on 10.6 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 17 cents, or 0.79 per cent, to $21.56 on 8.9 million shares.
Silver Elephant Mining Corp. (TSX:ELEF). Materials. Up four cents, or 8.99 per cent, to 48.5 cents on 7.2 million shares.
By Reuters Staff
1 Min Read
(Reuters) - Two shareholders of Dorel Industries Inc said on Tuesday they would vote against a take-private deal from Cerberus Capital Management, a day after the private equity firm sweetened its bid for the Canadian bicycle maker. Investment advisory firms Brandes Investment Partners and Letko, Brosseau & Associates Inc, which own about 7% and 12% of outstanding class B subordinate shares of Dorel, respectively, said the revised offer significantly undervalues the company. (prn.to/39DYVsD) Cerberus on Monday raised the deal value to about C$16 per share from C$14.50 per share, or about C$470 million, three months earlier. Under the earlier deal, affiliates of Cerberus and the family shareholders of Dorel would pay C$14.50 apiece for shares of the company that the family does not currently hold.
Cerberus s sweetened bid for Dorel fails to sway two key shareholders theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Letko Brosseau said it has been a long time shareholder of Dorel and believes in the long-term potential of the company, noting that the Schwartz family plans to remain shareholders under the deal to take the company private.
Brandes Investment Partners LP of San Diego, which owns about seven per cent of Dorel s shares, also said Tuesday it will oppose the deal. Brandes continues to believe in the long-term upside potential of Dorel s shares, it said in a news release, also pointing to the Schwartz family plans.
The Schwartz family, including Dorel CEO Martin Schwartz, control about 20.3 per cent of Dorel s outstanding shares on an economic basis and 60.8 per cent on a voting basis through their ownership of the company s class A and class B shares.
Letko Brosseau to oppose Dorel privatization despite sweetened offer
by The Canadian Press
Last Updated Feb 2, 2021 at 10:58 am EDT
MONTREAL Investment firm Letko, Brosseau & Associates Inc. says it will vote against a proposal to take Dorel Industries Inc. private despite a move by Cerberus Capital Management LP to raise its offer.
The Montreal-based investment manager, which controls 12.2 per cent of Dorel’s outstanding class B subordinate shares, says the offer “continues to significantly undervalue the company.”
The buyer group led by U.S.-based Cerberus Capital Management LP, which has the support of Dorel’s board, raised its offer for the shares not held by members of the Schwartz family, including Dorel’s chief executive officer, to $16 per share on Monday in an attempt to win support from reluctant shareholders. It had earlier reached a deal for $14.50 per share.