Mega Brands: Final Court Approval Of Arrangement With Mattel

(RTTNews) - Canada-based construction toys maker Mega Brands Brands Inc (MB.TO) said Friday the Superior Court of Québec (Commercial Division) issued a final order approving the earlier announced plan of arrangement providing for, among other things, the acquisition by Mattel-Mega Holdings Inc, a subsidiary of Mattel Inc (MAT), of all of the outstanding common shares in the capital of Mega for cash consideration of C$17.75 per common share.

Completion of the arrangement remains subject to the satisfaction or waiver of certain other closing conditions customary in transactions of this nature.

It is anticipated that the arrangement will be completed on or about April 30.

In March, El Segundo, California-based toy maker Mattel agreed to acquire Mega Brands for a total enterprise value of about US$460 million, including the net debt of Mega Brands to be assumed or repaid by Mattel.

The agreement provides for the acquisition of MEGA Brands for C$17.75 per common share and includes the acquisition of all of the outstanding common shares and warrants of Mega Brands.

Based in Montreal, Mega Brands has about 1,700 employees in 17 countries. Mattel plans to maintain Mega Brands' expertise in manufacturing, both in Montreal and Tennessee, and will seek to tap into Mega Brands' skills in design and development in the construction and arts & crafts categories.