A committee of Performance Sports Group Ltd.'s shareholders has filed a legal objection to a proposed auction of the insolvent company's assets, arguing the bidding structure makes it too hard for anyone to compete with an offer tabled by a group led by Sagard Capital Partners LP.
An ad hoc committee of equity holders has filed a motion in a U.S. Bankruptcy Court in Delaware seeking a delay in the proposed bidding timetable for PSG, which gives potential bidders until Jan. 4 to submit offers. The shareholders' legal motion argues that if no delay is possible, the court should reject the process entirely.
Sagard, which owns 17 per cent of PSG, has made a $575-million (U.S.) offer for PSG in conjunction with investment firm Fairfax Financial Holdings Ltd., which is not a PSG shareholder. Sagard, a U.S. investment firm controlled by Canada's Desmarais family, has also teamed with Fairfax to offer PSG an emergency debtor-in-possession (DIP) loan to allow it to continue operating. Story
CPPIB sells Antares stake
Canada Pension Plan Investment Board said it has sold a 16 per cent stake in its subsidiary, Antares Holdings, to a private investment fund managed by Northleaf Capital Partners.
Antares is a provider of financing solutions for mid-sized private equity-backed transactions.
"This important transaction reflects investor interest in Antares as a significant entry point into middle market private credit," David Brackett, Co-CEO of Antares Capital said. Story
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