MEGA Brands formally will become a part of Mattel Inc. (NASDAQ: MAT). The Canadian toy company’s shareholders overwhelmingly approved the merger. This merger was to require approval of at least two-thirds of the votes cast by shareholders and a simple majority of the votes cast by shareholders other than Marc Bertrand and Vic Bertrand.
A press release showed that the majority was hit and then some, as it was approved by 99.96% of the votes cast by shareholders present in person or represented by proxy. This includes 99.96% of the votes cast by shareholders other than the named holders.
MEGA Brands makes construction toys, games and puzzles, as well as arts and crafts for children and families. MEGA Brands includes Mega Bloks, Rose Art, MEGA Puzzles, MEGA Games and Board Dudes.
ALSO READ: Ten Companies Betting on the Next Blockbuster Drugs
The most recent value of the stock was listed as 407 million Canadian dollars, but the total value of the merger was listed as 460 million in U.S. dollars. Mattel’s market cap is $12.77 billion.
Final approval in Canada is expected to come Friday, but all necessary approvals in the United States have already come and gone.
At $37.50, Mattel shares have traded in a range of $34.98 to $48.48 in the past 52-weeks.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
