Toy Biz Shareholders OK Merger With Marvel

Toy Biz Inc. shareholders gave final approval to the toy maker’s merger with Marvel Entertainment Group Inc., one of the last hurdles before the world’s largest comic book publisher emerges from Chapter 11 bankruptcy protection. Toy Biz holders agreed to reclassify the New York-based company’s stock and change its name to Marvel Enterprises Inc. as one of the final steps in the company’s reorganization plan for Marvel, publisher of comic books about such characters as Spider-Man and the Incredible Hulk. New York-based Marvel filed for Chapter 11 in 1996. In July, a judge approved Toy Biz’s $238-million reorganization plan for the struggling entertainment company. Toy Biz’s shares rose 25 cents to close at $6.94 on the NYSE.