Feb 2 (Reuters) - Two shareholders of Dorel Industries Inc said on Tuesday they would vote against a take-private deal from Cerberus Capital Management, a day after the private equity firm sweetened its bid for the Canadian bicycle maker.
Investment advisory firms Brandes Investment Partners and Letko, Brosseau & Associates Inc, which own about 7% and 12% of outstanding class B subordinate shares of Dorel, respectively, said the revised offer "significantly undervalues" the company. (prn.to/39DYVsD)
Cerberus on Monday raised the deal value to about C$16 per share from C$14.50 per share, or about C$470 million, three months earlier.
Under the earlier deal, affiliates of Cerberus and the family shareholders of Dorel would pay C$14.50 apiece for shares of the company that the family does not currently hold. ($1 = 1.2817 Canadian dollars) (Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)