Grand cans Wham-O acquisition

Grand Toys has cancelled its plans to acquire Wham-O because of insufficient funding.
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The firm planned to acquire 100 per cent of Wham-O from Cornertone Strategic Management Limited, a company owned and controlled by Raylin Hsieh, the wife of Grand Toys major shareholder, Jeff Hsieh. 

But it has been unable to secure sufficient investor interest in the related fund-raising to close the deal. The transaction was subject to due diligence, Board and shareholder approval, the successful completion of convertible bond fund-raising activities to fund the purchase price.

The firm says it is now evaluating its strategic options with respect to its remaining businesses, International Playthings and Kord Holdings which include the option to sell one or both of these businesses.

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