Investment firm Letko, Brosseau and Associates Inc. says it plans to vote against a plan to take Dorel Industries Inc. private.
The money manager says it holds 12.6 per cent of Dorel's outstanding class-B subordinate shares. A shareholder meeting to vote on the offer is set for Jan. 12.
Letko Brosseau says it is a long-term shareholder of Dorel and that it has confidence in the future of the company.
Under a deal announced in November, a group led by an affiliate of Cerberus Capital Management LP has offered to buy Dorel for $14.50 per share in cash, except for shares owned by members of the Schwartz family, including Dorel's chief executive officer.
The transaction needs approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders.
Dorel makes a variety of consumer goods such as Cosco and Safety 1st child car seats, Cannondale and Schwinn bicycles, and home furniture under brands such as Dorel Living and DHP.