Performance Sports Group Ltd. (TSX:PSG) is seeking to sell assets to Power Corporation of Canada (TSX:POW) (TSX:POW) and Fairfax Financial Holdings Limited (TSX:FFH). Performance Sports Group will seek court approvals to sell most of its assets for $575 million after it failed to attract any rival bidders. Performance Sports Group said, that it didn't receive any qualified alternatives to the previously announced offer from affiliates of Power Corporation of Canada (TSX:POW) (TSX:POW) and Fairfax Financial Holdings Limited (TSX:FFH).

The offer was submitted as an opening bid for a potential auction under the supervision of courts in Delaware and Ontario, but Performance Sports says it received no other qualified bids by a January 25, 2017, deadline. Performance Sports says it expects to get the necessary approvals and close the transaction no later than February 27, 2017, and that its operations will continue uninterrupted.