Letko Brosseau Intends to Vote AGAINST Proposal to Take Dorel Industries Private

MONTREAL, Feb. 2, 2021 /PRNewswire/ - Letko, Brosseau & Associates Inc., an independent investment manager that exercises investment control or direction over approximately 12.2% of the outstanding class B subordinate shares of Dorel Industries Inc. ("Dorel" or the "Company"), today reaffirmed its intention to vote AGAINST the proposed going private transaction of Dorel by Cerberus Capital Management, L.P. ("Cerberus") and the controlling shareholders of the Company (Martin Schwartz, Jeffrey Schwartz, Alan Schwartz and Jeff Segel or the "Family Shareholders"). The Family Shareholders, through their ownership of Dorel Class A and Class B shares, control approximately 20.3% of Dorel's outstanding shares on an economic basis and 60.8% on a voting basis.

We believe that the revised offer of C$16.00 per share by Cerberus and the Family Shareholders is opportunistic and continues to significantly undervalue the Company. We have highlighted the reasons of our opposition in our previous press releases.

We would also like to bring Dorel shareholders' attention to the report issued by Glass Lewis, an independent provider of global governance services, which recommends voting AGAINST the initial offer to take the company private.

We have been long time shareholders of Dorel. To protect the value of our investment, we intend to vote against the proposed going private transaction. We strongly believe in the long-term potential of the Company and note that the Family Shareholders share our optimism as they plan to remain shareholders of the Company.

Letko Brosseau is a Canadian independent investment manager founded in 1987. The firm manages assets for institutional investors and private clients.

FORWARD-LOOKING STATEMENTS

Certain information contained in this press release may constitute forward-looking statements. Forward-looking statements may include estimates, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Letko Brosseau believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Letko Brosseau's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and Letko Brosseau does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.

SOURCE Letko, Brosseau & Associates Inc.