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FOR IMMEDIATE RELEASE
EXHIBIT a(9)
DOREL INDUSTRIES INC. COMPLETES SUCCESSFUL
TENDER OFFER FOR SAFETY 1ST, INC.
MONTREAL, Canada, June 6, 2000 - Dorel Industries Inc. ("Dorel") today announced
that its cash tender offer for all outstanding shares of common stock of Safety
1st, Inc. ("Safety 1st") expired, as scheduled, at 12:00 midnight, New York City
time, on Monday, June 5, 2000. Based on a preliminary count, 9,235,599 shares of
Safety 1st, Inc. were tendered, representing approximately 97.95% of the total
outstanding shares and accepted for payment at a price of $13.875 per share.
In order to complete the acquisition, Safety 1st will merge with and into a
wholly owned subsidiary of Dorel, with Safety 1st surviving as a wholly owned
subsidiary of Dorel after the completion of the second step merger. Dorel
currently anticipates that the merger will be completed in early July. All
non-tendering stockholders of Safety 1st (other than stockholders who exercise
appraisal rights under Massachusetts law) will receive $13.875 per share, the
same price paid in the tender offer.
Dorel is a rapidly growing consumer products manufacturer and distributor
specializing in three product areas: ready to assemble furniture, juvenile
products and home furnishings. Dorel's products include a wide variety of ready
to assemble furniture for home and office use; juvenile furniture and
accessories such as infant car seats, strollers, high chairs, toddler beds and
cribs; and home furnishings such as metal folding chairs, tables, bunk beds,
futons and step stools.
Dorel employs more than 3,500 people in nine countries. Major North American
facilities are located in Montreal, Quebec; Cornwall, Ontario; Columbus,
Indiana; Wright City, Missouri; Tiffin, Ohio; Dowagiac, Michigan; Cartersville,
Georgia; Fort Smith, Arkansas; and San Diego, California. The Company's major
divisions in the United States include Cosco, Ameriwood and Infantino. In
Canada, Dorel operates Ridgewood and Dorel Home Products. European operations
are carried out through Maximiliaan B.V. in the Netherlands and Dorel (U.K.)
Ltd. in the United Kingdom.
This press release contains statements that constitute forward-looking
statements, as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements.
Factors that may cause or contribute to such differences include, among other
things, the Company's ability to close the proposed transaction. Other risks and
uncertainties include changes in business conditions and the economy in general,
changes in governmental regulations, unforeseen litigation and other risk
factors identified in the Company's public filings under "Risk Factors." The
Company undertakes no obligation to update these forward-looking statements for
revisions or changes after the date of this press release.
For further information: Dorel Industries Inc., Jeffrey Schwartz,
(514) 934-3034; Maison Brison, Rick Leckner, (514) 731-0000.
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