PAWTUCKET – Hasbro Inc. has commenced an underwritten registered public offering of $875 million of common stock and intends to give an option to the underwriters to purchase up to $131.25 million in additional shares of common stock.
The company intends to use the proceeds of the offering, in part, to finance its proposed acquisition of Entertainment One Ltd., also known as eOne, and pay related costs and expenses.
The company has proposed a $4 billion cash purchase of eOne, which owns properties such as Peppa Pig and PJ Masks, as well as film, television, and music production and distribution channels.
Both companies’ shareholders have approved the deal, which still requires some regulatory approvals.
Hasbro said if the deal isn’t approved, it would use proceeds from the sale to repurchase stock or to cover general corporate expenses such as debt repayment, capital expenditures and investments.
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