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Hasbro bags a Tiger
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February 9, 1998: 9:55 a.m. ET
Toy maker to acquire Tiger Electronics in $335 million deal
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NEW YORK (CNNfn) - Hasbro Inc. has agreed to acquire Tiger Electronics Inc. for about $335 million, the toy maker said Monday.
Hasbro says it expects the purchase to be completed early in the second quarter, since the Hart Scott Rodino Anti-Trust Improvement Act waiting period has expired.
The $335 million price is subject to certain closing adjustments, as well as the value at closing of inventory, tooling, equipment and certain prepaid assets.
"Tiger brings Hasbro a rich portfolio of brands and expertise in an area that has great growth potential for us, particularly as electronic entertainment technologies converge," said Alan Hassenfeld, chairman and CEO of Hasbro Inc.
Tiger, a leader in the development of electronic entertainment, manufactures and distributes hand-held games, toys and learning aids. Its bestsellers include Brain Warp, Giga Pets and Laser Tag.
Tiger's current chief executive, Randy Rissman, and Senior Executive Vice President Roger Shiffman will continue to operate the business.
Hasbro's brands include Playskool, Tonka, Milton Bradley and Parker Brothers.
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