VTech to Buy LeapFrog for $72 Million
2016年2月6日 - 2:00AM
Dow Jones News
VTech Holdings Ltd. said it agreed to acquire struggling
educational toy maker LeapFrog Enterprises Inc. for about $72
million in cash, broadening VTech's children's toy offerings
worldwide.
The transaction price represents a 75% premium over LeapFrog's
closing price on Thursday of 57 cents, which was near the stock's
life-time low of 52 cents a share. LeapFrog's stock, which once
traded as high as $47.30 and had a market cap above $1 billion, has
fallen from grace in recent years as product misfires and
increasing competition have led to sharply weaker results.
LeapFrog Chairman Bill Chiasson said the acquisition would be
"instrumental" to LeapFrog's success in the future. In November,
Chief Executive John Barbour said the company faced "tougher retail
landscape around the world" as stores tightly managed their
inventory.
VTech plans to purchase all of LeapFrog's outstanding shares for
$1 in a tender offer to its investors, followed by a second-stop
merger. The offer is expected to start on or about March 3 and will
be open for at least 20 days.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
February 05, 2016 11:45 ET (16:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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