Cerberus Fails in Bid for Canada Toymaker as Investors Balk
- Move to increase bid 10% fails to sway Letko, Brandes
- Stock has surged from pandemic low on demand for bicycles
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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.