MONTREAL, March 01, 2021 (GLOBE NEWSWIRE) -- CONFERENCE CALL: OPEN TO:Analysts, investors and all interested partiesDATE:Friday, March 12, 2021TIME:11:00 AM Eastern TimeCALL:1-877-223-4471 THE PRESS RELEASE WILL BE PUBLISHED THE DAY PRIOR (MARCH 11) AFTER MARKETS CLOSE, THROUGH GLOBENEWSWIRE. Please dial in 15 minutes before the conference begins. If you are unable to call in at this time, you may access a recording of the meeting by calling 1-800-585-8367 and entering the passcode 6136497 on your phone. This recording will be available on Friday, March 12, 2021 as of 2:00 PM until 11:59 PM on Friday, March 19, 2021. MEDIA WISHING TO QUOTE AN ANALYST SHOULD CONTACT THE ANALYST PERSONALLY FOR PERMISSION. Note TO FIRST-TIME ANALYSTS: Please contact Saint Victor Investments Inc. at 514-245-9232 prior to the day of the conference call. Interested parties may also listen to a live webcast at https://www.dorel.com/eng/shareholder-information. For further information contact Rick Leckner, Saint Victor Investments Inc. at 514-245-9232.
Over the past five years, Dorel Industries Inc. (TSX:DII.B) has spent more than $40 million per year on new product development. The post TFSA Investors: Buy Canada’s Best Value Stock appeared first on The Motley Fool Canada.
(Bloomberg) -- 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 C$453 million ($357 million) deal after examining the proxy votes that came in by Friday’s deadline. A shareholder meeting had been scheduled for Tuesday morning on the C$16-a-share bid. Dorel fell 5.9% to C$14.85 as of 9:33 a.m. Tuesday morning in Toronto. Canadian markets were closed on Monday for a holiday. The move ends a battle that began in November, when New York-based Cerberus, the Schwartz family and co-founder Jeff Segel offered to take over Westmount, Quebec-based Dorel for C$14.50 a share. The proposal spurred immediate opposition from asset manager Letko, Brosseau & Associates Inc., the company’s second-largest outside shareholder, which blasted the bid as opportunistic and said it significantly undervalued Dorel.Cerberus and the family raised the offer to C$16 a share earlier this month, but the sweetened bid failed to win over Letko or Brandes Investment Partners LP, another top Dorel investor. Letko owns about 12.2% of Dorel and Brandes holds about 7% on behalf of its clients, according to the money managers’ statements.Dorel’s shares plunged at the onset of the pandemic but then surged more than 11-fold from a March low, driven in part by increased demand for bicycles. Dorel makes Cannondale, Schwinn and Mongoose bicycles, as well as Maxi-Cosi and Cosco baby products and Dorel and Signature Sleep home products.“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity. We sincerely appreciate the considerable time and effort Cerberus has devoted to this project,” Dorel Chief Executive Officer Martin Schwartz said in a statement.(Updates with share price move from Tuesday morning in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.