Newspaper article The Canadian Press

Power Corp.'s Sagard Capital Raises Stake in Performance Sports, Wants on Board

Newspaper article The Canadian Press

Power Corp.'s Sagard Capital Raises Stake in Performance Sports, Wants on Board

Article excerpt

Power Corp. makes move on Performance Sports

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MONTREAL - An arm of Power Corporation says it now owns nearly 14 per cent of Performance Sports Group Ltd. (TSX:PSG), which makes Bauer hockey gear, Easton baseball equipment as well as products for lacrosse and soccer players.

Sagard Capital -- part of the Montreal-based Power group of companies (TSX:POW) -- says it wishes to "engage in communications" with the aim of nominating at least one representative to the Performance Sports board of directors.

It recently acquired about 1.95 million additional shares of Performance Sports, taking its total holdings to 13.63 per cent.

Performance Sports stock recently plunged to new lows after the New Hampshire-based company slashed its 2016 adjusted earnings estimates by about 80 per cent, in part because of bankruptcy proceedings for The Sports Authority retail chain. …

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