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Dec 23, 2020

Investment firm Letko Brosseau to vote against deal to take Dorel Industries private

Benj Gallander discusses Dorel Industries

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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.