January 26, 2017 / 1:01 PM / a year ago

With no new bids, Performance Sports to sell assets to Sagard, Fairfax

Jan 26 (Reuters) - Performance Sports Group Ltd said on Thursday 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.

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.

A “stalking horse” bid is an opening offer that other interested bidders must surpass if they want to buy the company.

The auction scheduled for Jan. 30 will not be held as no qualified bids were submitted by the deadline of Jan. 25, said Performance, which owns Mission Roller Hockey and Maverik Lacrosse brands.

The former chairman of Performance, which has filed for bankruptcy protection in October, was in talks with U.S. and Canadian private equity firms about submitting a bid for the company, Reuters had reported then.

Performance, which also makes baseball bats and other sports equipment, said it would seek the approval of the courts for the sale at the final sale hearing, scheduled for Feb. 6.

The closing is expected to occur on or about Feb. 23 and no later than Feb. 27, the company said. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)

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