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Mattel To Buy Mega Brands

Fri, 02/28/2014 - 2:51pm

TORONTO (AP) -- Mattel Inc. has made a friendly takeover offer for Canadian toy maker Mega Brands Inc., which has the world's No. 2 line of construction sets after Lego.

The deal values the Montreal-based company at US$460 million, including debt that the American industry giant will assume or repay.

Mattel manufactures Barbie dolls and Hot Wheels cars among numerous other toys. The company says Mega Brands will help it expand in two of the fastest-growing product segments: construction sets and arts and crafts.

Bryan Stockton, Mattel's chairman and CEO, told analysts Friday that Mattel plans to keep the Mega Brands head office in Montreal and to invest in its manufacturing operations, which he said are integral to the business.

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