Mattel’s Board of Directors has authorised the company to increase its share repurchase programme by an extra $500 million.
Repurchase will take place from time to time, depending on market conditions, according to yesterday’s announcement. It is just one component of the firm’s capital and investment frameworks, which was announced back in Februrary 2003. Mattel has already repurchased nearly 82 million shares of common stock for an aggregate of $1.5 billion.
Mattel has also bought the rights to several game properties from Out of the Box Publishing, including Apples to Apples, Snorta and Blink.
Terms of the deal have not been released but both companies are confident of the outcome.
Mark Osterhaus, president of Out of the Box Publishing said: “We are pleased that Mattel will be able to utilise their global leadership and resources to take these games to the next level".
Tim Kilpin, general manager and senior vice president of Mattel Brands added: “Out of the Box Publishing has established a great foundation for success, particularly with Apples to Apples. And much like our own UNO brand, the games we have acquired are easy to understand, family-oriented, and most of all, fun to play.
“Our strengths in areas like international distribution and brand management should allow us to build upon the strong momentum Out of the Box Publishing already established."