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An employee sorts Bauer hockey sticks displayed for sale at an equipment store in Mississauga on Oct. 31, 2016. Performance Sports Group Ltd., the owner of the Bauer and Easton brands, filed for bankruptcy protection as part of a deal to sell the hockey- and baseball-equipment business for at least $575 million. (Cole Burston/Bloomberg)
An employee sorts Bauer hockey sticks displayed for sale at an equipment store in Mississauga on Oct. 31, 2016. Performance Sports Group Ltd., the owner of the Bauer and Easton brands, filed for bankruptcy protection as part of a deal to sell the hockey- and baseball-equipment business for at least $575 million. (Cole Burston/Bloomberg)

Bid for Performance Sports will be tough to top and may not leave much for shareholders Add to ...

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A $575-million (U.S.) bid unveiled Monday for the assets of Performance Sports Group Ltd. could prove difficult for any other bidders to top and may leave little or no money available for the company’s shareholders.

PSG, a sports-gear maker that owns valuable brands such as Bauer and Easton, filed for bankruptcy protection Monday, citing a high level of debt and declining sales. Sagard Capital Partners LP, PSG’s largest shareholder, and Fairfax Financial Holdings Ltd. submitted a $575-million joint offer, which is known as a stalking-horse bid, and now PSG’s advisers will initiate a search for other bidders.

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