MONTREAL – Publicly traded Dorel Inds., a resource for RTA furniture, including nursery and youth furniture, along with related juvenile products, has extended its exclusivity period granted to a buyer group that includes members of Cerberus Capital Management and various Dorel executives in their plan to take the company private.
Earlier this month, the company said there was a 10-day exclusivity period granted to the buyer group led by affiliates of Cerberus Capital as well as Dorel executives Martin Schwartz, Jeffrey Schwartz, Alan Schwartz and Jeff Segal. It has now extended this by seven days through Nov. 17.
During an exclusivity period, a seller cannot proceed with activities relating to the sale other than with the buyer with whom they have signed a letter of intent.
The company said that Dorel and the buyer group are continuing their negotiations as part of a plan to enter into a definitive transaction agreement for the deal, which would take the company private.
The company said that it does not intend to make any further announcements or to provide any updates with respect to the potential going-private transaction unless and until it enters into a definitive agreement.
I’m Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.