- Dorel Industries Inc. (DII.B, DII.A) has completed the sale of Dorel Sports to Pon Holdings B.V. for $1.03 billion and declares special dividend
- Dorel Industries received net proceeds of approximately US $735 million from the sale
- The company will use the proceeds for payment of a special dividend of US$12 per share and to reduce indebtedness
- Dorel Industries Inc. (DII.B) class B subordinate voting shares are up 17.57 per cent and is trading at $24.09 per share as of 1:03 p.m. EST
- Dorel Industries Inc. (DII.A) class A multiple voting shares are up 22.72 per cent trading at $24.25 per share as of 1:03 p.m. EST
Dorel Industries Inc. (DII.B, DII.A) has completed the sale of Dorel Sports to Pon Holdings B.V. for $1.03 billion and declares special dividend.
Dorel Industries received net proceeds of approximately US $735 million from the sale.
The company will use the proceeds for payment of a special dividend of US$12 per share and to reduce indebtedness.
The sale consisted of 100 per cent of the shares of its subsidiary companies including Dorel Sports and certain related assets.
Dorel Industries’ board of directors declared a special dividend of US$12 per share on its outstanding Class B subordinate voting shares and class A multiple voting shares.
It represents an aggregate amount of approximately US $390 million.
The special dividend will be payable on February 1 to shareholders of record as of January 18.
The full amount of the special dividend is designated as an eligible dividend.
The TSX has approved Dorel’s normal course issuer bid (NCIB).
Under the NCIB, Dorel Industries may purchase for cancellation a maximum of 1,891,222 class B shares, representing 10 per cent of the forming the public float.
As of December 24, 2021, the company had 28,359,191 class B shares issued and outstanding.
The actual number of class B shares that may be purchased and the timing of any such purchases will be determined by Dorel Industries.
Dorel Industries Inc. (DII.B) class B subordinate voting shares are up 17.57 per cent trading at $24.09 per share as of 1:03 p.m. EST.
Dorel Industries Inc. (DII.A) class A multiple voting shares are up 22.72 per cent trading at $24.25 per share as of 1:03 p.m. EST.