Dorel Industries Inc. announced that its Board of Directors is postponing a Special Meeting to vote on its going-private transaction to give Dorel shareholders additional time to consider the terms and conditions of the proposed deal.
The meeting is now scheduled to be held February 16, 2021 to vote on Dorel’s sale to Cerberus Capital Management. It previously had been scheduled for January 12, 2021.
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).
Dorel said it postponed the meeting upon recommendation of the Special Committee comprised of Dorel’s six independent directors. Dorel said in a statement, “The Board believes that the additional time will also allow Dorel shareholders to consider the effects of the second wave of the COVID-19 pandemic on Dorel’s operations and financial results.”
Dorel makes juvenile products, bicycles and home products. Dorel Sports’ brands include Cannondale, Schwinn, GT, Mongoose, Caloi, and IronHorse.
