Bloomberg (Oct. 24, 2016) - Two groups have expressed interest in Performance Sports Group, according to a Bloomberg report. Fairfax Financial Holdings and Sagard Capital are looking at restructuring, refinancing, buying PSG's debt or other options.
PSG agreed to a 60-day extension that expires Oct. 28 to file its earnings under existing credit agreements. The parent of Bauer Hockey delayed reporting its earnings as it conducted an internal investigation. PSG's shares dropped 59 percent this year after an investigation by U.S. and Canadian securities regulators.
Sagard and Fairfax have signed a confidentiality agreement and will continue talking with PSG's management and co-investors, according to a news release from Sagard. The U.S.-based Sagard owns 17 percent of PSG shares and Toronto-based Fairfax has no stake in the company.
Canadian-based Brookfield Asset Mangement has also looked at PSG and was prepared to submit a formal takeover bid, according to Bloomberg. Brookfield is the second-largest shareholder of PSG behind Sagard.