Grand Toys to acquire Wham-O

Grand Toys signs deal to acquire 100 per cent of Wham-O for $35 million.
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The proposed transaction will see Grand Toys pay Cornerstone Strategic Management $35 million adjusted for liabilities of the outdoor and leisure product manufacturer, and 100 per cent shares of its wholly owned subsidiaries Hua Yang and Kord Holdings.

David Howell, CFO of Grand Toys said: "The new Board of Directors of Grand Toys, which was assembled in mid-2007, has been focusing on developing a new direction and strategy for Grand Toys to give the company a platform for growth.

“We believe the acquisition of Wham-O represents a transformational opportunity for Grand Toys and it will become the key asset around which we will build our business. In addition, the divestiture of the low margin, non- core Hua Yang and Kord manufacturing businesses frees up significant working capital for the company and allows us to reduce substantially our bank debt, creating a much healthier balance sheet."

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