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.
Discover content from The Globe and Mail that you might otherwise not have come across. Here we’ll provide you with fresh suggestions where we will continue to make even better ones as we get to know you better.
You can let us know if a suggestion is not to your liking by hitting the ‘’ close button to the right of the headline.