Here's Why LeapFrog's Stock Leaped Higher By 70% - Benzinga

Shares of

LeapFrog Enterprises, Inc.LF

gained more than 70 percent on Friday after the company

agreed to sell itself to VTech Holdings Ltd (ADR) VTKLY. LeapFrog is a developer of educational entertainment for children while VTech is a supplier of corded and cordless telephones and electronic learning products. As part of the acquisition agreement, VTech will pay LeapFrog investors $1.00 per share, representing a more than 75 percent premium over its closing price on Thursday. The deal values LeapFrog at approximately $72 million. "We believe this is a terrific opportunity for our employees, customers, and shareholders," said Bill Chiasson, the Chairman of LeapFrog's Board of Directors. "The acquisition and future investment by VTech will be instrumental to helping the LeapFrog brand achieve the mission of helping each child achieve their potential. Importantly, too, this transaction also rewards our shareholders with a significant premium from recent trading levels." "We are delighted to have the LeapFrog brand joining VTech, bringing together two of the great names in children's learning and entertainment," said Allan Wong, Chairman and Group CEO of VTech Holdings Limited. "VTech has been a pioneer in the electronic learning toy category for 35 years. The acquisition will allow us to offer the broadest portfolio of products that enhances the education and development of children across the world, while bringing them fun and joy."

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Posted In:

News M&A Bill Chiasson Children Toys Consumer Discretionary Leapfrog Leisure Products VTech VTech Holdings

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