HONG KONG and EMERYVILLE, Calif., April 4, 2016
/PRNewswire/ -- VTech Holdings Limited (VTech, HKSE: 303), a
global leader in electronic learning products and cordless
telephones, today announced that the company has completed its
acquisition of LeapFrog Enterprises, Inc. (LeapFrog, NYSE: LF), a
leading developer of educational entertainment for children.
Under the terms of the previously announced transaction, VTech
agreed to acquire 100% of the outstanding common stock of LeapFrog
at US$1.00 per share through an all
cash tender offer followed by a second-step merger. The tender
offer commenced on March 3, 2016 and
expired at 11:59 p.m., New York City time, on April 1, 2016. As previously announced,
approximately 56.60% of all issued and outstanding shares of
LeapFrog 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. Effective
April 4, 2016, LeapFrog is an
indirect wholly-owned subsidiary of VTech.
About LeapFrog
LeapFrog Enterprises, Inc. is the
leader in innovative solutions that encourage a child's curiosity
and love of learning throughout their early developmental journey.
For 20 years, LeapFrog has helped children expand their knowledge
and imagination through award-winning products that combine
state-of-the-art educational expertise led by the LeapFrog Learning
Team, innovative technology, and engaging play – turning playtime
into quality time. LeapFrog's proprietary learning tablets and
ground-breaking developmental games, learn to read and write
systems, interactive learning toys and more are designed to create
personalised experiences that encourage, excite and build
confidence in children. LeapFrog is based in Emeryville, California, and was founded in
1995 by a father who revolutionised technology-based learning
solutions to help his child learn how to read. Learn more at
www.leapfrog.com.
About VTech
VTech is the global leader in electronic
learning products from infancy to preschool and the world's largest
manufacturer of cordless phones. It also provides highly
sought-after contract manufacturing services. Founded in 1976,
VTech has been a pioneer in the electronic learning toy category
with cutting-edge and innovative products that provide fun and
learning to children across the world. By leveraging decades of
success, VTech provides a diverse collection of telecommunication
products that elevate the consumer experience with state-of-the-art
technology and design. The Group is also one of the world's leading
electronic manufacturing service providers, offering world-class,
full turnkey services to customers in a number of product
categories. The Group's mission is to design, manufacture and
supply innovative and high quality products in a manner that
minimises any impact on the environment, while creating sustainable
value for its stakeholders and the community. For more information,
please visit www.vtech.com.
For inquiries, please contact:
VTech Holdings Limited
Grace Pang, Head of Corporate
Marketing
+852 26801703
grace_pang@vtech.com
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SOURCE LeapFrog Enterprises, Inc.; VTech Holdings Limited