Billionaire Prem Watsa to purchase Canadian Toys “R” Us stores

Fairfax Financial Holdings, a Toronto investment firm run by billionaire Prem Watsa, has made a $237 million offer to acquire 82 Toys “R” Us stores.

Other bidders could submit offers by today, according to a U.S. Bankruptcy Court filing. With additional bidders, Fairfax has the option of either increasing or ending its offer.

Isaac Larian, the owner of Van Nuys toy maker MGA Entertainment, last week offered to buy the Canadian stores for $215 million along with a separate $675 million offer to buy 274 U.S. stores outside the bankruptcy process. Larian will re-evaluate the U.S. Toys “R” Us stores this week and make a new offer, according to media reports.