Hasbro Extends Buyout Offer: Hasbro Inc. extended...
From Times Staff and Wire Reports
Hasbro Extends Buyout Offer: Hasbro Inc. extended its deadline for Tonka Corp. bondholders to tender their securities but warned that its buyout offer will not last indefinitely. It was the third extension since the toy companies agreed to the buyout in February. Pawtucket, R.I.-based Hasbro said only about a fifth of the bondholders have accepted its offer. “We believe that Hasbro’s ($470-million) cash offer is clearly superior to any of the alternatives facing Tonka upon the termination of our offer, including bankruptcy, the piecemeal sale of assets or debt restructuring,” Hasbro Chairman Alan G. Hassenfeld said.
