Nov 30 (Reuters) - Performance Sports Group Ltd said bankruptcy courts in the United States and Canada have approved the stalking horse bid for the company, made by Sagard Capital Partners LP and Fairfax Financial Holdings Ltd.
Sagard and Fairfax intend to buy most of the Bauer ice hockey gear maker’s assets and its North American units for $575 million.
A “stalking horse” bid is an opening offer that other interested bidders must surpass if they want to buy the company.
The U.S. Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice also approved an auction for Jan. 30, 2017, where other interested parties can bid for the company’s assets.
Under the bidding procedures, interested parties must submit bids, to buy substantially all of the company’s assets, on or before Jan. 25, 2017.
Several bidders have already emerged.
Coliseum Capital on Tuesday said it was in talks with a third party related to a potential deal involving the company. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta)