Hasbro Announces Agreement to Acquire Cranium, Inc.
Hasbro, Inc., the world’s second-largest toy and game company, announced today that it has entered into an agreement to acquire privately-held Cranium, Inc., and its wide range of Cranium branded games and related products. Hasbro will pay a base purchase price of $77.5 million, which may be adjusted based on Cranium’s net assets on the closing date. The deal is expected to close during the 1st quarter of 2008.
“This acquisition is consistent with Hasbro’s ongoing strategy to bring to market the most innovative toy and game brands in the world,” said Brian Goldner, Chief Operating Officer for Hasbro, Inc. “As the global leader in games, Hasbro is in a unique position to maximize the long-term potential of the Cranium brand, with real opportunity for growth in international markets.”
Cranium brands such as CRANIUM, CRANIUM HULLABALOO, CRANIUM CADOO, CRANIUM CARIBOO, CRANIUM ZOOREKA, CRANIUM WHOONU and CRANIUM BALLOON LAGOON will now join such timeless classics as MONOPOLY, CLUE, SCRABBLE and TRIVIAL PURSUIT as part of Hasbro’s games portfolio. Hasbro’s global games and puzzles net revenues in 2006 were approximately $1.3 billion.
“A decade ago, we set out to create a brand that would give everyone the chance to shine. We’ve accomplished that and so much more, making history with great products that have won five Toy Industry Association Game of the Year awards,” said Richard Tait, Cranium Inc. co-founder and Grand Poo Bah. “Now, the next chapter in Cranium’s story begins. The Cranium brand will benefit from the expertise and global presence of an industry leader, Hasbro, who is as passionate about games as we are.”
The parties have signed a Merger Agreement, pursuant to which a newly-formed subsidiary of Hasbro will merge with Cranium, and Cranium will thereby become a subsidiary of Hasbro. Closing of the merger is subject to closing conditions, including the approval of Cranium’s shareholders and obtaining necessary consents. The purchase price paid by Hasbro will be divided between repayment of Cranium’s outstanding debt and payments to Cranium’s shareholders.
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