Canadian furniture giant Dorel Industries and Cerberus Capital Management have agreed to terminate a purchase agreement that would have taken the company private.
The corporate logo for Dorel Industries Inc. is shown in this handout photo. THE CANADIAN PRESS/HO February 15, 2021 - 12:24 PM
MONTREAL - Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders. Moving ahead. Business as usual, a spokesman for the company said in an email on Monday.
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 said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday s special meeting after reviewing votes from shareholders.
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