MGA completes Smoby deal

MGA has completed its deal to acquire troubled French toy firm Smoby.
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MGA Entertainment has acquired 56.5 per cent of the capital and 70.53 pct of the voting rights of Smoby-Majorette, further to a takeover agreement signed in April.

Smoby filed for court bankruptcy protection in March in order to restructure its debt of around €270m. It subsequently reached a takeover deal with MGA, preferring the US group's offer to rival proposals from Chinese toy maker Cornerstone and Smoby's creditors.

According to the AMF, MGA will ask shareholders to approve capital increases in order to honour loans from Smoby's banks and to re-establish the French company's own capital funds.

The AMF also said that MGA will also request an exemption from the usual obligation to launch a buyout offer having moved above the threshold of a third of the capital.

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