Dorel Industries Inc., one of North Americas largest bicycle vendors, disclosed plans to repurchase and cancel up to 850,000, or 3.07 percent, of its Class B subordinate voting shares over the 12-month period beginning May 2, 2013.
Dorel or its agents will execute the purchases at market prices on the Toronto Stock Exchange. The company said none of its directors or officers intend to sell Dorel shares while the stock buyback is in effect.
Dorel has purchased a total of 629,000 Class B subordinate voting shares at a weighted average price of $26.93 during its most recent normal course issuer bid, which ended on April 3, 2013.
Sales at Dorels Recreational/Leisure segment, which sells bikes through both the independent bicycle dealer (IBD) and mass channels, reached $225.6 million and broke $900 million in the full fiscal year. The segments Cycling Sports Group sells Cannondale, Schwinn, Mongoose and GT bikes and Sugoi apparel through IBDs, while its Pacific Cycle unit sells bicycles, parts and accessories to mass retailers, including Walmart and Costco.
