Mattel to buy Radica

Mattel is set to swoop for Radica in a cash deal worth some $230 million.
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Under the deal, which both companies' boards have approved, Radica stockholders will receive $11.55 in cash for each of their common shares, representing a 12 percent premium over Radica's close of $10.31 on Nasdaq on Tuesday.

"The addition of Radica to the Mattel portfolio provides Mattel the opportunity to partner our global brands with Radica's technological expertise to better participate in the burgeoning electronic toys arena," said Bob Eckert, chairman and CEO of Mattel.

"Radica's entrepreneurial spirit has allowed Radica to capture and deliver on some of the hottest trends in electronics, and the company has a proven track record of utilizing technology to reinvent basic play."

"We are excited to be part of the Mattel family of brands and look forward to taking our brands to the next level by capitalizing on Mattel's global network and expertise," said Patrick S. Feely, chief executive officer of Radica. "Being part of the world's largest and most profitable toy company affords our talented employees a unique opportunity to grow and develop our brands. I look forward to identifying and building upon the strong synergies between the two companies to drive increased sales growth."

More details from ToyNews as we get them.

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