PSG Sold to Stalking Horse Bidder, Auction Cancelled
Performance Sports Group will ask the DE bankruptcy court to approve the sale of its assets to Sagard Capital and Fairfax Holdings, which submitted a joint bid for $575 million in cash plus the assumption of certain liabilities. The Jan. 25 deadline for other bids to be submitted did not produce another qualified bid, PSG said in a statement, leaving the Sagard bid as the only viable option for the company to exit bankruptcy. PSG also asked the court to cancel the planned auction on Jan. 20. The deal is expected to close by the end of Feb.
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