Montréal-based Dorel Industries has postponed a special shareholder meeting to vote on the sale of the company to Cerberus Capital Management to give itself more time to consider the terms of the deal. The meeting will be held on Feb. 16 instead of Jan. 12. A special committee of six independent directors recommended the postponement in light of the impact the second wave of the Covid-19 pandemic could have on Dorel’s operations and financial results. Dorel’s share price rose to nearly 15 Canadian dollars on Dec. 29, above the C$14.50 price Cerberus had offered to take the company private. A major shareholder had felt the offer was too low. Dorel’s assets include major bicycle brands such as Cannondale, GT Bicycles, Schwinn, Mongoose and Caloi.
Update Jan 7:
The Superior Court of Québec today issued an order amending the interim order issued on Dec. 3, 2020 in connection with a special meeting of Dorel shareholders. The amending order confirms the new date of Feb. 16 at 10 a.m. (eastern time) for the special meeting and the close of business on Jan. 7 as the new record date for shareholders entitled to receive notice of, and to vote at, the special meeting, both as previously announced by Dorel. The special meeting will be held in virtual format.