- Admin
- #1
MONTREAL — Dorel Industries Inc. says it has terminated an agreement to go private after discussions with shareholders. A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company's multiple-voting shares. But Dorel chief executive Martin Schwartz says independent shareholders saw greater potential for Dorel as a public entity. The maker of car seats, strollers, bicycles and home furniture was planning to meet with shareholders Tuesday, but called off the meeting after reviewing votes from shareholders and terminating the deal. Montreal-based Dorel says the move to end the go-private deal was mutual, despite the funds' increased purchase price offer earlier this year. Schwartz says the company remains focused on growing its brands, which include Schwinn and Mongoose bikes, Safety 1st-brand car seats and DHP Furniture. “Independent shareholders have clearly expressed their confidence in Dorel’s future," Schwartz said in a statement. This report by The Canadian Press was first published Feb. 15, 2021. Companies in this story: (TSX: DII.B, DII.A) The Canadian Press