Dorel Obtains Amending Order for Special Meeting of Shareholders

- Amending Order confirms February 16, 2021 as Special Meeting date

MONTRÉAL, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Dorel Industries Inc. (TSX: DII.B, DII.A) (“Dorel”) announces that the Superior Court of Québec today issued an Order Amending the Interim Order issued on December 3, 2020 in connection with a special meeting (the “Special Meeting”) of Dorel shareholders. The Amending Order confirms the new date of February 16, 2021 at 10 a.m. (eastern time) for the Special Meeting and the close of business on January 7, 2021 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.

The Special Meeting has been called to vote on a plan of arrangement (the “Arrangement”) in which a buyer group led by an affiliate (the “Purchaser”) of funds managed by Cerberus Capital Management, L.P. will acquire all of Dorel’s issued and outstanding shares, other than shares owned by Martin Schwartz, Alan Schwartz, Jeffrey Schwartz, Jeff Segel and certain members of their respective immediate families, at a price of C$14.50 in cash per share.

Shortly after the new record date, Dorel will distribute to shareholders a supplement to its management information circular dated December 3, 2020 and related proxy materials, including a new proxy form or voting instruction form. Shareholders who have already voted will be required to vote again, using the new proxy form or voting instruction form, in order for their votes to be counted. Shareholders are asked to follow the instructions for voting by internet, telephone or mail set out in the new proxy form or voting instruction form.

The Board postponed the Special Meeting in order to give Dorel shareholders additional time to consider the terms and conditions of the Arrangement and for Dorel to engage with its shareholders. The Board believes that the additional time will also allow Dorel shareholders to consider the effects of the second wave of the COVID-19 pandemic on Dorel’s operations and financial results.

The Board of Directors of Dorel, acting on the unanimous recommendation of the Special Committee, comprised of Dorel’s six independent directors, unanimously recommends that shareholders vote FOR the Arrangement. Shareholders are encouraged to vote well before the new deadline of 5:00 p.m. (eastern time) on Friday, February 12, 2021 and are urged to read Dorel’s management information circular dated December 3, 2020 and the supplement to be dated January 7, 2021, under Dorel’s profile on SEDAR at www.sedar.com and on Dorel’s website at www.dorel.com. Information on the Arrangement, including updated FAQs and important documents, is also available at www.dorel.com.