Brooks Brothers will head to its sale auction next week with the $305 million stalking-horse bid by Sparc Group — a joint venture of Authentic Brands Group and Simon Property Group — that sets a baseline offer for any competitors.
WHP, which had advanced a $334 million cash bid in mid-July for the company, was still in the process of securing all the necessary documentation, and would need up to two more days, its attorney told the court at Monday’s hearing. The WHP bid represented a venture effort with a “public company” with the resources to fund the offer, WHP’s attorney Gary Kaplan, restructuring and insolvency partner at Fried, Frank, Harris, Shriver & Jacobson LLP told the court.
But bankruptcy Judge Christopher Sontchi wasn’t swayed that he needed to allow two more days for a rival stalking-horse bid from WHP to materialize, and affirmed the need to keep the process moving quickly. “One of the primary drivers of value I think in auctions are stalking horses,” Sontchi said at the hearing.
When is the off the rack sale-
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