UPDATE 1-Two Dorel shareholders reject sweetened take-private bid from Cerberus

(Adds shares, revised offer’s premium to last close)

Feb 2 (Reuters) - Two shareholders of Canadian bicycle maker 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 company.

Shares of Dorel were down about 2% at $15.40 on the news.

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. (

Cerberus on Monday raised the deal value to about C$16.00 per share from C$14.50 per share, or about C$470 million, offered three months earlier.

The raised bid represents a premium of about 2% to the stock’s last close.

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.)