March 21, 1997 |
Mattel Inc. won Federal Trade Commission approval Thursday to buy Tyco Toys Inc. in a $755-million stock deal that will place Tyco's Tickle Me Elmo and Matchbox cars under the same corporate roof as Hot Wheels and Barbie. About 2,700 jobs--nearly 10% of the combined work force--will be eliminated as the two companies are integrated, Mattel said.
January 29, 1993 |
Warner Bros. Makes Toy Deal: Tyco Toys Inc. has gained exclusive rights to market products featuring Warner Bros. Looney Tunes cartoon characters such as Bugs Bunny, Tweety Bird and Daffy Duck. New Jersey-based Tyco plans to introduce a wide array of products under the deal, including action figures, remote-controlled toys, walkie-talkies and board games.
July 4, 1991 |
Tyco Toys Inc. said Wednesday that it had bought out and retired its controversial chairman, Benson Selzer, and his board-member sons, John and Geoffrey. Wall Street applauded the announcement and sent the shares of Mt. Laurel, N.J.-based Tyco up $1.875 to $19.875 on the over-the-counter market. Analysts said the departure of three key board members will raise the toy maker's standing with investors.
November 22, 1996 |
Tyco Toys Inc. said it and Mattel Inc. will amend their purchase agreement to create a Mattel preferred stock, easing a problem with some investors that threatened the $755-million sale. Holders of Tyco's Series C preferred shares, which pay an 8.25% dividend, will get newly issued Mattel preferred stock that has an equal value, said a spokesman for Mount Laurel, N.J.-based Tyco.
November 18, 1997 |
State Atty. Gen. Dan Lungren on Monday joined a multi-state action against toy retailer Toys R Us and four major toy makers, alleging price-fixing conspiracies on popular toys. Lungren and 36 other state prosecutors joined in a suit filed Oct. 2 in New York against Toys R Us Inc., Mattel Inc., Hasbro Inc., Tyco Toys Inc. and Rubbermaid Inc.'s Little Tikes Inc.
February 6, 1997 |
The doll that couldn't stop chewing took a bite out of toy maker Mattel Inc.'s fourth-quarter earnings, the company reported Wednesday. The El Segundo-based toy giant took an $8-million charge to after-tax earnings related to its Cabbage Patch Snacktime Kids doll, which was pulled from the market after several children got their hair and hands stuck in the dolls' mouths. Mattel, which offered a $40 refund to each owner of the dolls, said the move trimmed its sales by $10 million.