Mattel Takes Aim at Lego With $460 Million Mega Brands Deal
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Mattel Inc., the world’s largest toymaker, agreed to buy Mega Brands Inc. for $460 million, acquiring the biggest challenger to Lego A/S in the construction-toy market.
Mattel is offering C$17.75 ($16) a share, according to a statement today, a 36 percent premium over yesterday’s closing price. The board of Montreal-based Mega Brands unanimously approved the transaction, and investors holding 39 percent of the stock, including Chief Executive Officer Marc Bertrand and Fairfax Financial Holdings Ltd., agreed to the deal.