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MONTRÉAL, Feb. 01, 2021 (GLOBE NEWSWIRE) Dorel Industries Inc. (TSX:DII, DII.A)) (
Dorel ) announces that it has entered into an amendment (the
Amending Agreement ) to the arrangement agreement dated November 12, 2020 (the
Arrangement Agreement ) under which a buyer group (the
Buyer Group ) led by an affiliate of funds managed by Cerberus Capital Management, L.P. (
Cerberus ) has agreed to acquire, for an increased purchase price of C$16.00 in cash per share, all of Dorel s issued and outstanding Class A Multiple Voting Shares and Class B Subordinate Voting Shares, except for an aggregate of 4,009,410 Class A Multiple Voting Shares and 2,573,503 Class B Subordinate Voting Shares owned by Martin Schwartz, Alan Schwartz, Jeffrey Schwartz, Jeff Segel and certain members of their respective immediate families (collectively, the
Dorel Industries shares rise after Cerberus raises takeover offer to $16 per share - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
The increased offer was unanimously approved by Dorel s board, with members of the Schwartz family recusing themselves.
The new offer is more than halfway between the fair market value of $14 to $17 per share set out in a formal evaluation by TD Securities Inc. as of Nov. 12.
The termination fees also have been increased. Dorel must now pay $15.6 million if Cerberus chooses not to exercise its right to match a superior proposal, up from a break fee of $14.1 million. The break fee the buyer must pay if it does not close the deal has been raised to $26 million, up from $23.6 million.
Cerberus hikes Dorel offer more than 10% in bid to clinch support for privatization deal 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.