Hasbro has entered into a debt commitment letter with Bank of America Merrill Lynch to provide a 364-day senior unsecured bridge loan facility to secure funding of the purchase price. The acquisition will advance Hasbro's position as a leading global play and entertainment company, adding beloved, global preschool brands with proven success and strong financial returns across platforms to Hasbro's robust portfolio. We openly disclose that we and our contributors may have interests in investments and/or providers of services referred to within the website and that we receive remuneration from certain of the companies referred to on this website. This is due to the unpredictable and uncontrollable nature of these reconciling items, which would require an unreasonable effort to forecast, and we believe would result in a range of projected values so broad as to be meaningless to investors. Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of MAR) prior to its release as part of this announcement. This press release is provided for informational purposes only and does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law. Hasbro is committed to making the world a better place for children and their families through corporate social responsibility and philanthropy. Investor Contact: Patrick Yau Entertainment One Ltd. +44 203 714 7931 pyau@entonegroup.com, Hugo Baring, Virginia Khoo, Micol Martinelli, Henry Capper J.P. Morgan Cazenove.
"Hasbro's portfolio of integrated toy, game and consumer products, will further fuel the tremendous success we've achieved at eOne," said Darren Throop, chief executive officer of eOne. Entertainment One Ltd. (eOne) is a talent-driven independent studio that specializes in the development, acquisition, production, financing, distribution and sales of entertainment content. Reproduction in whole or in part, in any form or medium without express written permission is prohibited.
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This information is provided by RNS, the news service of the London Stock Exchange. Hasbro, Inc. (NASDAQ:HAS) and Entertainment One Ltd (LON:ETO) today announced that they have entered into a definitive agreement under which Hasbro will acquire eOne in an all-cash transaction valued at approximately £3.3 billion or US$4.0 billion. “The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro’s portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling, which will now include Hasbro’s IP,” Hasbro’s Goldner said. U.S. toy maker Hasbro Inc. will buy Entertainment One Ltd., a Canadian company, for about $4 billion US in cash, adding the independent studio with preschool brands such as Peppa Pig and PJ Masks. Not for release, publication or distribution in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. Send us a tip using our annonymous form. Over the years, it has had merger discussions with the other top U.S. toymaker, Mattel.
A copy of the definitive agreement will be made available at eOne’s website at www.entertainmentone.com and with Hasbro’s filings with the US Securities and Exchange Commission. US toy maker Hasbro will acquire Peppa Pig owner Entertainment One for around £3.3bn ($4bn), the firms said in a statement. PAWTUCKET, R.I. & LONDON, ENGLAND - Hasbro, Inc. (NASDAQ: HAS) and Entertainment One Ltd. (LSE: ETO) (eOne) today announced that they have entered into a definitive agreement under which Hasbro will acquire eOne in an all-cash transaction valued at approximately £3.3 billion or US$4.0 billion. Hasbro’s long-term leverage target remains unchanged at 2.00 to 2.50X gross Debt to EBITDA and expects to return to this range in three to four years. NY Gov. Under the terms of the agreement, eOne shareholders will receive £5.60 in cash for each common share of eOne, which represents a 31% premium to eOne's 30-day volume weighted average price (VWAP) as of August 22, 2019. These forward-looking statements may be accompanied by such words as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "target," "will" and other words and terms of similar meaning. The person responsible for arranging release of this information on behalf of Entertainment One is Edward Parry. From toys and games to television, movies, digital gaming and consumer products, Hasbro offers a variety of ways for audiences to experience its iconic brands, including NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE, MAGIC: THE GATHERING and POWER RANGERS, as well as premier partner brands. We are excited to welcome eOne’s talented employees from around the world into the Hasbro family.”, Said eOne’s Allan Leighton: “On behalf of the board of eOne, I am very pleased by this exciting development, which is a testament to eOne management’s vision, leadership and solid execution. The UK City Code on Takeovers and Mergers does not apply to Entertainment One as its registered office is in Canada. By using this site, you agree to the Terms and Conditions of Use. Hasbro Completes Acquisition of Entertainment One PAWTUCKET, R.I. – December 30, 2019 – Hasbro, Inc. (NASDAQ: HAS) today announced that it has completed its previously announced acquisition of Entertainment One Ltd. (eOne), adding beloved global brands and expanding storytelling through immersive entertainment experiences. "eOne's brands and TV and film expertise, together with Hasbro's brands, toy and game innovation and licensing capabilities, positions us to more quickly drive revenue and profit over the medium-term. Hasbro has entered into a debt commitment letter with Bank of America Merrill Lynch to provide a 364-day senior unsecured bridge loan facility to secure funding of the purchase price. Except as may be required by law, neither Hasbro nor Entertainment One undertakes any obligation to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release. We are excited to welcome eOne's talented employees from around the world into the Hasbro family.".
J.P. Morgan Cazenove is serving as financial advisor to eOne and Osler, Hoskin & Harcourt LLP and Mayer Brown International LLP are serving as its legal counsel. Hasbro's actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. The cash purchase price of £5.60 per share represents a 31% premium to eOne’s 30-day volume weighted average price (VWAP) as of August 22, 2019. The transaction, which is structured as a statutory plan of arrangement under the Canada Business Corporations Act, has been approved by the boards of directors of each of Hasbro and eOne, and is subject to receipt of certain regulatory approvals, the approval by eOne shareholders and the Ontario Superior Court of Justice and other customary closing conditions. A replay of the investor conference call hosted by Hasbro and Entertainment One Ltd on 22 August, and the accompanying presentation slides, are available on Hasbro’s web site: https://investor.hasbro.com. Hasbro Acquires Entertainment One. To continue reading it, access the original document here. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular stock, share, security, portfolio of securities, transaction, investment strategy, or other matter. Hasbro expects to maintain its quarterly dividend and suspend its current share repurchase program while it prioritizes achieving its leverage target. Meaningful potential for additional revenue growth and expanded franchise economics with brand-driven animation and live action TV and film entertainment, (1) Hasbro cannot, without unreasonable effort, forecast certain items required to develop a meaningful comparable GAAP financial measure to adjusted EPS. For further information, please contact rns@lseg.comor visit www.rns.com.
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