MONTREAL Investor advisory firm Glass Lewis is recommending Dorel Industries Inc. shareholders vote against a revised proposal to take the company private. The advisory firm calls the amended proposal price pump to $16 per share from $14.50 “a more pragmatic reassessment of the company’s erstwhile effort to buttress the fundamental privatization narrative.” Glass Lewis, […]
By Reuters Staff
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(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.
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