Fairfax Financial Holdings, a Toronto-based investment firm, has offered approximately $236 million USD for the Canadian arm of Toys ‘R’ Us, according to Retail Dive.
The bid includes a break-up fee and funds to pay bankruptcy claims against the subsidiary.
The news comes after the bankrupt toy retailer extended a bid deadline and rejected an offer Isaac Larian, chief executive officer, MGA Entertainment, for $215 million. Larian’s bid included $675 million to operate 200 U.S. locations, a point that was not included in Fairfax’s bid.
Toys ‘R’ Us has rescheduled the auction for its Canadian unit for April 23 and has asked to schedule a hearing to decide the final bid the following day.