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Mattel to buy Mega Brands

Staff writer |
Shareholders of Canadian toy maker Mega Brands, Inc. have approved a $460 million takeover by American giant Mattel, Inc. A total of 99.96 percent of Mega Brands shareholders endorsed the deal.

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Regulatory approval for the selling in the United States has already been received. Chairman Victor Bertrand, who started the company nearly 50 years ago, will receive $41 million for his 2.3 million shares. Chief executive Marc Bertrand will get $18.4 million, while chief innovation officer Vic Bertrand Jr. will get $14.9 million.

El Segundo, California-based Mattel made the offer to purchase Mega Brands in early January. According to a statement from Mattel, Mega Brands will help it expand in two of the fastest-growing product segments: construction sets and arts and crafts.

In addition to its original Mega Bloks franchise, Mega Brands offers arts and craft products under the Rose Art and other brands, which will be added to Mattel's own offerings in that product category. Mattel said it plans to keep the Mega Brands head office in Montreal and to invest in its manufacturing operations.

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