Entertainment One shareholders yesterday gave Hasbro’s £3.3bn acquisition bid the go ahead, voting overwhelmingly in favour of the deal
The takeover received almost unanimous approval; more than 99.9 per cent of the votes cast at a special meeting of shareholders were in favour of the transaction.
A “pleased” Brian Goldner, Hasbro’s CEO and chairman, says: “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.”
Though passed by both companies’ boards and shareholders, the acquisition is still subject to the approval of regulatory bodies and a final order of the Ontario Superior Court of Justice. Entertainment One is headquartered in Toronto, so the transaction is subject to Canadian law.
Darren Throop, CEO of eOne, says: ““eOne has long been anchored by great IP, and we believe that with Hasbro’s world-class portfolio of brands we will be able to deliver on their brand blueprint with a slate of content that lives globally across a broad spectrum of media.
“We are very much looking forward to capitalizing on the new opportunities this creates across film, television, music and family brands.”
Several regulators have already approved the deal, which is expected to close during the fourth quarter of 2019.
Last week, eOne posted a £43.9m quarterly loss – a six-fold increase on the same period in 2018 – and saw year-on-year revenue slide seven per cent to £173.1m.