Performance Sports Group said it has extended the closing date to February 27, 2017 for the sale of substantially all of the assets of the company and its North American subsidiaries.
On January 26, Performance Sports Group Ltd. said it would seek approval from a U.S. bankruptcy court for the sale of its assets to Sagard Capital Partners LP and Fairfax Financial Holdings Ltd after it failed to attract other bids in an auction process. Sagard, Performance’s biggest shareholder, and Fairfax had agreed in October to act as “stalking horse” bidders to buy most of the Bauer ice hockey gear maker’s assets and its North American units for $575 million.
According to a statement from Performance Sports Group, the terms of the “stalking horse” asset purchase agreement permit the parties to select an alternate closing date from the previously announced closing date of February 23, 2017, and the parties determined to do so in this instance. Closing of the sale transaction remains subject to the receipt of applicable regulatory approvals and the satisfaction or waiver of other customary closing conditions.
In anticipation of closing the sale transaction, Performance Sports Group said it completed a court approved pre-closing corporate reorganization, comprising various steps. These steps included the continuance of certain of its subsidiaries from the Canada Business Corporations Act into the Business Corporations Act (British Columbia) (BCBCA), the amalgamation of the company with the subsidiaries continued under the BCBCA, as well as the repayment of certain inter-company indebtedness and related transactions.
Performance Sports Group is a leading developer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. The company’s brands include Bauer, Mission, Maverik, Cascade and Easton.
