The shareholders of Entertainment One Ltd, a Canadian entertainment content company, overwhelmingly voted to approve Hasbro’s bid to acquire them in an all-cash transaction valued at approximately $4.0 billion.
“Our two companies’ strategies are remarkably complementary, as we both build brands, creativity and storytelling. Together with eOne’s beloved global brands and expertise, we expect to leverage a combined portfolio with appeal to diverse audiences and consumers around the world,” said Brian Goldner, chairman and chief executive officer of Hasbro.
More than 99.9% of the votes cast at the eOne special meeting of shareholders held earlier today voted in favor of the transaction. The sale is expected to close this year, but is still subject to some regulatory approval.
Darren Throop, chief executive officer of eOne believes the two companies will be able to deliver new opportunities across a wide spectrum of media for their portfolio of brands.
The transaction, which is structured as a statutory plan of arrangement under the Canada Business Corporations Act, remains subject to receipt of certain regulatory approvals and other customary closing conditions including a final order of the Ontario Superior Court of Justice. The transaction has received several regulatory approvals so far, including early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act in the U.S. and antitrust approval in Germany. The transaction is expected to close during the fourth quarter of 2019.