MONTRÉAL (BRAIN) — Dorel Industries a special, virtual, meeting of Dorel shareholders on Jan. 12. Shareholders will be asked to adopt a special resolution approving an offer to take the company private. A group of executives, backed by Cerberus Capital Management, have offered to buy all Dorel's outstanding stock for CA$14.50 ($11.09) per share.
Dorel's board voted to accept the offer last month.
The virtual meeting will be at 10 a.m. ET. Shareholders as of the close of business on Nov. 20, 2020, will be entitled to receive notice of, to participate in, and to vote at the meeting. The offer must be approved by at least two-thirds of the votes cast by shareholders at the meeting and a majority of the votes cast by the holders of Class B Subordinate Voting Shares, other than the executive group, called the Family Shareholders. The offer is also subject to approval by the Québec Superior Court. If approved the company expects to complete the transaction in the first quarter next year, removing Dorel's stock from the Toronto Stock Exchange.
The Family Shareholders group includes Dorel's CEO, Martin Schwartz; Jeffrey Schwartz, its executive vice president and CFO; and Jeff Segel its executive VP of sales and marketing.
Dorel is the owner of Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse, Fabric and other cycling brands, as well as home furniture and juvenile products divisions.
Dorel shareholders with questions regarding the special meeting should contact Kingsdale Advisors, Dorel's strategic shareholder advisor and proxy solicitation agent, at 1-888-823-4343 (toll-free within North America) or at 1-416-867-2272 (outside of North America) or by email at contactus@kingsdaleadvisors.com.
