Dorel Postpones Special Meeting of Shareholders to February 16, 2021
Dorel Industries Inc. (“Dorel”) announced that its Board of Directors, acting on the unanimous recommendation of the Special Committee comprised of Dorel’s six independent directors, is postponing to February 16, 2021 the special meeting (the “Special Meeting”) of Dorel shareholders called to vote on a plan of arrangement (the “Arrangement”) in which a buyer group led by an affiliate (the “Purchaser”) of funds managed by Cerberus Capital Management, L.P. will acquire all of Dorel’s issued and outstanding shares, other than shares owned by Martin Schwartz, Alan Schwartz, Jeffrey Schwartz, Jeff Segel and certain members of their respective immediate families, at a price of C$14.50 in cash per share. The Board of Directors has set January 7, 2021 as the new record date for shareholders entitled to receive notice of, and to vote at, the Special Meeting, which was originally scheduled for January 12, 2021. Dorel will prepare an amended management information circular and related proxy materials for distribution to shareholders in January 2021.
The Board is postponing the Special Meeting in order to give Dorel shareholders additional time to consider the terms and conditions of the Arrangement and for Dorel to engage with its shareholders. 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.
As the Special Meeting was called pursuant to an Interim Order of the Superior Court of Québec (the “Court”) issued on December 3, 2020, the new Special Meeting date and record date are subject to approval by the Court. Dorel intends to apply to the Court for an amended Interim Order in early January.
Kingsdale Advisors is acting as strategic shareholder and communications advisor to Dorel.
About Dorel Industries Inc.
Dorel Industries Inc. (TSX: DII.B, DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel’s strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile’s powerfully branded products include global brands Maxi-Cosi, Quinny and Tiny Love, complemented by regional brands such as Safety 1st, Bébé Confort, Cosco and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US $2.6 billion and employs approximately 8,000 people in facilities located in 25 countries worldwide.
Ian Robertson – Dorel Media – Kingsdale Advisors – email@example.com – (416) 867-2333
Source: Dorel Industries Inc.