MONTRÉAL (BRAIN) — Dorel Industries, which had planned a special shareholder meeting for Jan. 12 to vote on accepting an offer to go private, has now delayed that meeting until Feb. 16.
Dorel's board voted unanimously to postpone the meeting "in order to give Dorel shareholders additional time to consider the terms and conditions of the (purchase) arrangement and for Dorel to engage with its shareholders," the company said. "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."
The new date is subject to the approval of the Superior Court of Québec. Dorel is asking the court for an amended interim order in early January with the new date.
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 and take the company private. 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 stock quote from the Toronto stock exchange: money.tmx.com/en/quote/DII.A.
