Sport Supply Group Inc. is going ahead with the buyout offer from Canada’s ONCAP Management Partners LP, the mid-market private equity business of Onex Corp. after failing to win any other binding bids, according to an 8-K filing with the U.S. Securities and Exchange Commission.
Sports Supply said it has ended a search for buyers after none of the 97 parties it solicited in the 30-day “go-shop” period following the March 15 merger agreement with ONCAP offered a written bid.
ONCAP Investment Partners II LP offered $13.55 in cash for most shareholders, valuing Sport Supply Group at a minimum $169 million, and entered into separate agreements with two major investors holding a combined 38% stake.
Carlson Capital LP owns a 22% stake and CBT Holdings LLC, an affiliate of Los Angeles-based Andell Holdings, holds a 16%
stake.
