eOne shareholders approve Hasbro deal

More than 99.9% of the votes cast were in favour of the $5.3-billion transaction, which is still subject to a number of other closing conditions.
eOne

eOne’s shareholders approved Hasbro’s proposed purchase of the Toronto-headquartered studio for around $5.3 billion (USD$4 billion) on Thursday.

More than 99.9% of the votes cast were in favour of the deal, which is still subject to a number of other closing conditions, including the approval of the Ontario Superior Court of Justice. The vote took place in Toronto during eOne’s annual general and special meeting of shareholders.

With the approval from eOne’s shareholders, the deal remains on track to close in the Q4 2019.

As part of the deal, first announced in late August, a number of eOne executives are set to join the Hasbro team, though no details have been provided about what that team will look like. With the deal, the companies say they expect to see cost synergies of approximately USD$130 million by 2022, with a significant portion of eOne’s toy business being brought in-house at Hasbro.

“We’re pleased that eOne shareholders support this transaction,” said Brian Goldner, chairman and CEO of Hasbro in a statement. “Our two companies’ strategies are remarkably complementary, as we both build brands, creativity and storytelling. Together with eOne’s beloved global brands and expertise, we expect to leverage a combined portfolio with appeal to diverse audiences and consumers around the world.”

“eOne has long been anchored by great IP, and we believe that with Hasbro’s world-class portfolio of brands we will be able to deliver on their brand blueprint with a slate of content that lives globally across a broad spectrum of media,” said eOne CEO Darren Throop.