NEW YORK (AP) — Canada's Fairfax Financial Holding has placed a bid of $300 million to buy Toys R Us's Canadian operations in bankruptcy.
According to court papers filed late Thursday, the bidder is taking on a role of a "stalking horse" in a court-approved auction set for Monday in New York. That means it could be outbid in the auction if other buyers come in with a higher offer. The bid from Fairfax surpassed the $215 million offer that Isaac Larian, the CEO of privately held toy company MGA Entertainment, made last week.
Larian has also offered $675 million for its U.S. stores.
In March, Toys R Us said it would be liquidating its U.S. business.
Fairfax is a holding company involved in property and casualty insurance and reinsurance and investment management.