Canadian bicycle maker Dorel Industries Inc has terminated its take-private deal with Cerberus Capital Management, weeks after the private equity firm sweetened its bid for the company.

Dorel said the termination followed discussions with many of its shareholders and review of proxy votes.

“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity,” Chief Executive Martin Schwartz said in a statement.

Dorel in November agreed to be taken private by a group led by Cerberus in a deal valued at about C$470 million ($371.5 million).

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Source: Reuters

By Reuters Staff