Cerberus Announces Sale of Sparton to Elbit Systems of America businesswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswire.com Daily Mail and Mail on Sunday newspapers.
Letko Brosseau Intends to Vote AGAINST Proposal to Take Dorel Industries Private
News provided by
Share this article
Share this article
MONTREAL, Dec. 23, 2020 /PRNewswire/ - Letko, Brosseau & Associates Inc., an independent investment manager that exercises investment control or direction over approximately 12.6% of the outstanding class B subordinate shares of Dorel Industries Inc. ( Dorel or the Company ), today
reaffirmed its intention to vote AGAINST the proposed going private transaction of Dorel by Cerberus Capital Management, L.P. and the controlling shareholders of the Company (Martin Schwartz, Jeffrey Schwartz, Alan Schwartz and Jeff Segel or the Family Shareholders ). The Family Shareholders, through their ownership of Dorel Class A and Class B shares, control approximately 20.3% of Dorel s outstanding shares on an economic basis and 60.8% on a voting basis.
Share this article
HAIFA, Israel, Dec. 23, 2020 /PRNewswire/
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ( Elbit Systems ) announced today that its U.S. subsidiary, Elbit Systems of America, LLC ( Elbit Systems of America ), has signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton Corporation ( Sparton ) for a purchase price of $380 million.
The transaction is conditioned on various closing conditions, including receipt of U.S. regulatory approvals, the pursuit of which could encompass a number of months.
Headquartered in De Leon Springs, Florida, Sparton is a premier developer, producer and supplier of electronic systems supporting Undersea Warfare for the U.S. Navy and allied military forces.
Winnipeg Free Press By: The Canadian Press
The corporate logo for Dorel Industries Inc. is shown in a handout. THE CANADIAN PRESS/HO
MONTREAL - Investment firm Letko, Brosseau and Associates Inc. says it plans to vote against a plan to take Dorel Industries Inc. private.
The money manager says it holds 12.6 per cent of Dorel s outstanding class-B subordinate shares. A shareholder meeting to vote on the offer is set for Jan. 12.
Stay informed
Sign Up
Letko Brosseau says it is a long-term shareholder of Dorel and that it has confidence in the future of the company.
Under a deal announced in November, a group led by an affiliate of Cerberus Capital Management LP has offered to buy Dorel for $14.50 per share in cash, except for shares owned by members of the Schwartz family, including Dorel s chief executive officer.
Cerberus-backed KBS buys Beck Facility Services pehub.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pehub.com Daily Mail and Mail on Sunday newspapers.