PERFORMANCE SPORTS GROUP LTD. (TSE:PSG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement.
On January 6, 2017, Performance Sports Group Ltd. (the Company)
entered into a First Amendment (the First Amendment) to the
Asset Purchase Agreement, dated as of October 31, 2016 (the
Asset Purchase Agreement), by and among the Company, the
subsidiaries of the Company party thereto and 9938982 Canada
Inc. (the Purchaser), an acquisition entity financed by Sagard
Holdings Inc. and Fairfax Financial Holdings Limited.
The First Amendment amends the Asset Purchase Agreement in
response to the Bidding Procedures Orders entered by the U.S.
Bankruptcy Court and the CCAA Court (in each case, as defined
in the Asset Purchase Agreement) on November 30, 2016, and
provides, among other things, that (1) the amount of the good
faith deposit that the Purchaser was required to deposit to the
terms of the Asset Purchase Agreement be reduced to
$17,250,000, (2) the amount of the break-up fee payable to the
Purchaser upon the consummation of an alternate transaction or
in certain other circumstances where the transactions
contemplated by the Asset Purchase Agreement are not
consummated, in each case in accordance with the Asset Purchase
Agreement, be reduced to $17,250,000, and (3) certain key dates
(including the targeted closing date and the deadline for the
entry of the Sales Orders (as defined in the Asset Purchase
Agreement)) be extended.
The foregoing descriptions of the Asset Purchase Agreement and
the First Amendment are qualified in their entirety by
reference to the respective agreements. A copy of the Asset
Purchase Agreement was previously filed as Exhibit 10.1 to the
Companys Current Report on Form 8-K filed on October 31, 2016.
A copy of the First Amendment is attached hereto as Exhibit
99.1 to this Current Report on Form 8-K.
9.01 Financial Statements and Exhibits.
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Exhibit No. |
Description |
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10.1 |
First Amendment to Asset Purchase Agreement, dated as of January 6, 2017, by and among Performance Sports Group Ltd., the subsidiaries of Performance Sports Group Ltd. party thereto, and 9938982 Canada Inc. |
About PERFORMANCE SPORTS GROUP LTD. (TSE:PSG)
Performance Sports Group Ltd. is engaged in the design, manufacture and distribution of performance sports equipment for ice hockey, roller hockey, baseball and softball, lacrosse, as well as related apparel and accessories, including soccer apparel. The Company’s segments include Hockey, Baseball/Softball and Other Sports. The Hockey segment includes the Bauer and Mission brands. The Baseball/Softball segment includes the Easton and Combat brands. Its Other Sports includes the Lacrosse and Soccer operating segments, which includes the Maverik and Cascade brands for Lacrosse, and the Inaria brand for Soccer. The ice hockey products include skates, helmets, protective gear, sticks, team apparel and accessories. The roller hockey products include skates, helmets, protective gear, sticks and accessories. The baseball and softball products include bats, gloves, helmets, protective gear, apparel and accessories. The lacrosse products include sticks, helmets, protective gear and apparel. PERFORMANCE SPORTS GROUP LTD. (TSE:PSG) Recent Trading Information
PERFORMANCE SPORTS GROUP LTD. (TSE:PSG) closed its last trading session at 0.0000 with 0 shares trading hands.