Fairfax Financial Holdings Ltd. placed a $300 million CDN stalking horse bid—equal to $236.8 million U.S. dollars—for the Toys “R” Us Canadian division, according to court documents.
If no one outbids the Canadian investment firm at Monday’s scheduled auction, Fairfax Financial Holdings will acquire the 82 Canadian Toys “R” Us stores. If there is another bidder, Fairfax would then have the option of either increasing its offer or walking away.
Fairfax would be able to continue operating Toys “R” Us stores in Canada under the existing name, according to the Calgary Herald.
Earlier this week, Toys “R” Us rejected MGA Entertainment‘s CEO Isaac Larian’s $215 million bid to buy Toys “R” Us stores in Canada. He also put in a formal bid of $675 million to buy the Toys “R” Us stores in the U.S. According to reports, the bid was too low.