MONTREAL - Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after
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Cerberus fails in bid for Dorel as investors balk
Kevin Orland, Bloomberg News VIDEO SIGN OUT
Cerberus Capital Management LP and the founding family of Dorel Industries Inc. terminated their bid to take private the Canadian toy and bicycle maker after it failed to win enough support from shareholders.
Dorel said Monday the buyers pulled the plug on the $453 million (US$357 million) deal after examining the proxy votes that came in by Fridayâs deadline. A shareholder meeting had been scheduled for Tuesday morning on the $16-a-share bid.
Dorel fell 5.9 per cent to $14.85 as of 9:33 a.m. Tuesday morning in Toronto. Canadian markets were closed on Monday for a holiday.
Cerberus s higher bid for Dorel fails to sway top shareholders bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
MONTREAL - Investor advisory firm Glass Lewis is recommending Dorel Industries Inc. shareholders vote against a revised proposal to take the company private