MGA close to Smoby deal?

MGA Entertainment is reported to be close to an agreement to buy troubled French toy company Smoby,
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A deal worth around €26.5m is currently being put together according to US reports. The move is part of an ambitious expansion plan by MGA which will also be setting up a fully-fledged UK office next year and has already began sounding out retail accounts to work with its new-look UK operation.

Smoby recently announced that it had a “Procedure de Sauvegarde” , the French equivalent of Chapter 11 bankruptcy protection which has bought the firm some time to manage losses of €17.6m in 2006.

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