Hasbro, the big toymaker behind the Transformers and G.I. Joe brands, on Thursday denied currently holding any talks to sell the company.
While it confirmed that it had received an approach by an unnamed private equity firm — that would be Providence Equity Partners — Hasbro said its board had no interest in pursuing any leveraged buyout.
Hasbro’s statement confirms DealBook’s report late on Wednesday that the talks between the company and Providence have fallen apart.
The Wall Street Journal had initially reported online Wednesday night that Providence “is in preliminary discussions” with Hasbro. It subsequently amended the article to say that the two “have held talks,” that the negotiations’ status is “unclear” and cites unnamed sources in saying that the talks “could have come to a temporary halt.”
Shares in Hasbro had been suspended Thursday morning after briefly spiking in pre-market trading, pending an announcement by the company. They were trading up about 3.7 percent at $42.64.
The company’s market value as of Wednesday’s market close was about $6 billion, making it a sizable target for a private equity firm to take over.
-Dealbook NYTimes
