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| Name | Symbol | Market | Type |
|---|---|---|---|
| VTech Holdings Ltd (PK) | USOTC:VTKLY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.092 | -1.28% | 7.068 | 6.84 | 7.35 | 7.068 | 6.98 | 7.024 | 1,764 | 21:02:06 |
From Jun 2019 to Jun 2024
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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