The company today announced the completion of its acquisition of LeapFrog Enterprises.
Under the terms of the previously announced transaction, VTech agreed to acquire 100% of the outstanding common stock of LeapFrog at $1.00 per share through an all cash tender offer followed by a second-step merger. The tender offer commenced on 3rd March 2016 and expired at 11:59pm, New York City time, on 1st April 2016.
As previously announced, approximately 56.6% of all issued and outstanding shares of LeapFrog’s common stock were tendered into the offer and accepted for purchase by Bonita Merger Sub, L.L.C., an indirect wholly-owned subsidiary of VTech.
The tender offer and the merger were completed, meaning that effective from 4th April 2016, LeapFrog is now an indirect wholly-owned subsidiary of VTech.