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    | Jan-04-2008 UPDATE 1-Hasbro to acquire game-maker Cranium for $77.5 mln(topic overview)CONTENTS:
SOURCES
Let me apologize for the obnoxious pun in the title. I know it's no excuse, but it is Friday. Moving on, shares of Hasbro ( HAS : sentiment, chart, options ) reached a new annual low in morning trading, in the wake of announcing its agreement to purchase privately held game connoisseur Cranium Inc. The deal, worth $77.5 million, is expected to close sometime within the first quarter of 2008. As a result of Hasbro adding Cranium to its list of other board games (including my favorite ' Scrabble ' and Trivial Pursuit), shareholders have punished the company by sending HAS stock down nearly 3% to $23.87, a level not seen since October 2006. [1] Hasbro officials announced the deal Friday, though it must be approved by the shareholders of privately held Cranium. The deal is expected to close in the first quarter this year.[2]  Hasbro said it will pay a base purchase price of $77.5 million, which may be adjusted based on Cranium's net assets on the closing date. This transaction is expected to close during the first quarter of 2008. The company noted that its Zitong gas exploration contract covers an area of 900 thousand acres in the Sichuan Basin. The company said, Sunwing is carrying out its exploration activities under a 30-year exploration and development, production-sharing contract signed with China National Petroleum Corporation in September 2002. [3] NEW YORK (Thomson Financial) - Hasbro Inc. Friday said it plans to acquire privately held Cranium Inc., a board-game maker, for a base purchase price of $77.5 million, which may be adjusted based on Cranium's net assets on the closing date.[4] Toy maker Hasbro Inc. said Friday it agreed to buy privately held game maker Cranium Inc. for $77.5 million.[5] NEW YORK (Reuters) - Hasbro Inc (HAS.N: Quote, Profile, Research ), the world's second-largest toy and game company, said on Friday it agreed to acquire board game maker Cranium Inc for about $77.5 million.[6] Toy and game giant Hasbro Inc. said it's buying Cranium Inc. for $77.5 million. Pawtucket, R.I. -based Hasbro (NYSE: HAS) is the owner of brands such as Playskool, Tonka, Parker Bros. and Renton-based Wizards of the Coast. Seattle-based Cranium was created by Richard Tait and launched its title game 10 years ago. In April, the company downsized and laid off 20 percent of its staff.[7] PROVIDENCE, R.I. -- Hasbro Inc. is buying Seattle-based game maker Cranium Inc. for a base price of $77.5 million.[2] Wachovia Capital Markets analyst Tim Conder said Cranium is a strong brand and estimated it has revenues of at least $100 million. In a research note, Conder said his firm believes Hasbro will leverage Cranium games into its licensing agreement with Electronic Arts Inc (ERTS.O: Quote, Profile, Research ).[8] Seattle-based Cranium was co-founded in 1998 by Scottish entrepreneur Richard Tait and business partner Whit Alexander, who met while working at Microsoft Corp (MSFT.O: Quote, Profile, Research ).[8] The deal is subject to approval by Cranium shareholders and the final price could be adjusted based on Cranium's net assets at the deal's close. [7] Hasbro (nyse: HAS - news - people ) said the price may be changed based on Cranium's net assets on the closing date, which is expected to be during the first quarter of 2008.[5] The final purchase price could change based on Cranium's net assets on the closing date.[2] The purchase price will be divided between repayment of Cranium's outstanding debt and payments to the company's shareholders. [4] Under the deal, Cranium will become a subsidiary of Pawtucket-based Hasbro, the nation's second-largest toy maker. Hasbro will pay down Cranium's outstanding debt and pay its shareholders.[2] The deal is expected to close during the first 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.[8] Once the deal closes, Cranium will become a subsidiary of Hasbro, the company said.[5] The acquisition of privately held Cranium will add to a Hasbro games portfolio that already includes Monopoly, Scrabble and Trivial Pursuit.[8] Under the terms of the Merger Agreement, a newly-formed subsidiary of Hasbro will merge with Cranium, which will thereby become a subsidiary of Hasbro.[3] Hasbro (nyse: HAS - news - people ) shares closed at $24.68 on Thursday. [4] Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.88 per share in the second quareter.[3] SOURCES 1. Schaeffer's Investment Research - Schaeffer's Daily Market Blog: Breaking Option News, Commentary, & In-depth Analysis 2. Hasbro to acquire Cranium for $77.5 million 3. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News. 4. Hasbro to buy Cranium for $77.5M - Forbes.com 5. Hasbro to Buy Cranium - Forbes.com 6. Hasbro to acquire game-maker Cranium | Reuters 7. Hasbro buying Cranium for $77.5M - Puget Sound Business Journal (Seattle): 8. UPDATE 1-Hasbro to acquire game-maker Cranium for $77.5 mln | Markets | Bonds News | Reuters |
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