Exclusivity Period Extended for Dorel Potential Going-Private Transaction
MONTRÉAL, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Dorel Industries Inc. (TSX: DII.B, DII.A) (“Dorel”) today announced that the previously-announced ten-day exclusivity period granted to a buyer group led by affiliates of Cerberus Capital Management, L.P. and Martin Schwartz, Jeffrey Schwartz, Alan Schwartz and Jeff Segel has been automatically extended in accordance with the terms of the exclusivity agreement for a further period of seven days, through November 17, 2020. Dorel and the Buyer Group continue their negotiations with a view to entering into a definitive transaction agreement for the proposed going-private transaction.
As previously announced, Dorel does not intend to make any further announcements or to provide any updates with respect to the potential going-private transaction unless and until Dorel enters into a definitive agreement.
About Dorel Industries Inc.
Dorel Industries Inc. (TSX: DII.B, DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel’s strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile’s powerfully branded products include global brands Maxi-Cosi, Quinny and Tiny Love, complemented by regional brands such as Safety 1st, Bébé Confort, Cosco and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US $2.6 billion and employs approximately 8,000 people in facilities located in 25 countries worldwide.
Caution Regarding Forward-Looking Statements
Certain statements included in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. More particularly and without limitation, this press release contains forward-looking statements and information regarding the proposed going-private transaction for Dorel. Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel’s expectations expressed in or implied by such forward-looking statements and that the objectives and plans may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statements will materialize, or if any of them do, what benefits Dorel will derive from them.
Risks and uncertainties inherent in the nature of the proposed going-private transaction include, without limitation, the failure of the parties to enter into a definitive agreement, obtain the necessary shareholder, regulatory and court approvals or to otherwise satisfy the conditions for the completion of the going-private transaction. The failure of the parties to enter into a definitive agreement will result in the transaction described in this press release not being completed. If the parties enter into a definitive agreement, the failure of the parties to obtain the necessary shareholder, regulatory and court approvals, or the failure of the parties to otherwise satisfy the conditions for the completion of the going-private transaction, may result in the transaction not being completed on the proposed terms or at all. In addition, if the going-private transaction is not completed, and Dorel continues as an independent entity, there are risks that the announcement of the proposed going-private transaction and the dedication of substantial resources by Dorel to the completion of the transaction could have an impact on its business and strategic relationships, including with future and prospective employees, customers, suppliers and partners, operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Consequently, Dorel cautions readers not to place undue reliance on the forward-looking statements and information contained in this press release.
CONTACTS:
Saint Victor Investments Inc
Rick Leckner
(514) 245-9232
