Dorel Industries Inc. announced that the Québec Superior Court has issued an interim order authorizing, among other things, the holding of a special meeting of Dorel shareholders on January 12, 2021 to vote on Dorel’s sale to Cerberus Capital Management.
Cerberus Capital Management, L.P. has offered to acquire Dorel for C$14.50 per share in cash. The deal would include 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 members of their immediate families (Family Shareholders).
The sale must be approved by at least two-thirds of the votes cast by shareholders present in person or represented by proxy at the Special Meeting and entitled to vote, and a majority of the votes cast by the holders of Class B Subordinate Voting Shares, other than the Family Shareholders. If all regulatory approvals for the sale are obtained in a timely manner, it is anticipated that the sale will be completed in the first quarter of 2021.
Photo courtesy Dorel Industries
