EL SEGUNDO, Calif., Sept. 29 /PRNewswire-FirstCall/ -- Mattel, Inc.
(NYSE: MAT) and Radica Games Limited (Nasdaq: RADA) today announce that
Radica's shareholders have approved the amalgamation between Radica and a
subsidiary of Mattel.
Approximately 99% of the votes cast at today's special general meeting
of Radica shareholders approved the amalgamation. The affirmative vote of
the holders of three-fourths of the Radica common stock voting at the
special general meeting was necessary to approve the amalgamation. Today's
approval of the amalgamation by Radica's shareholders satisfies one of the
remaining conditions to the closing of the amalgamation. Mattel announced
on August 31, 2006 that, with respect to Mattel's proposed acquisition of
Radica, the Federal Trade Commission granted early termination of the
waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, and that the German Federal Cartel Office terminated
the waiting period pursuant to the German Act Against Restraints of
Competition. The closing of the transaction is subject to additional
customary closing conditions, but Mattel and Radica anticipate closing the
transaction on October 3, 2006. Upon the closing of the transaction, each
outstanding share of Radica's common stock will be converted into the right
to receive $11.55 in cash. The proposed acquisition was first announced on
July 26, 2006, and is described in more detail in the proxy statement
furnished by Radica to the Securities and Exchange Commission on Form 6-K
on August 24, 2006.
About Radica
Radica is a Bermuda company headquartered in Hong Kong. Radica had
revenues in 2005 of approximately $163 million and maintains a Dallas-based
design and marketing office, as well as a state-of-the-art manufacturing
facility in China. Radica markets its products through subsidiaries in the
United States, the United Kingdom, Canada and Hong Kong. Radica employs
over 6,000 people worldwide in its group of companies. Internationally
Radica sells products in approximately 30 countries.
About Mattel
Mattel, Inc., (NYSE: MAT) (http://www.mattel.com) is the worldwide leader in
the design, manufacture and marketing of toys and family products,
including Barbie(R), the most popular fashion doll ever introduced. The
Mattel family is comprised of such best-selling brands as Hot Wheels(R),
Matchbox(R), American Girl(R) and Tyco(R) R/C, as well as Fisher-Price(R)
brands (http://www.fisher-price.com), including Little People(R), Rescue
Heroes(R), Power Wheels(R) and a wide array of entertainment-inspired toy
lines. With worldwide headquarters in El Segundo, Calif., Mattel employs
more than 25,000 people in 42 countries and sells products in more than 150
nations throughout the world. Mattel's vision is to be the world's premier
toy brands -- today and tomorrow.
Note: Forward-looking statements with respect to the completion of the
transaction and the financial condition, results of operations and business
of the companies are subject to certain risks and uncertainties that could
cause actual results to differ materially from those set forth in such
statements. These include, without limitation: uncertainty as to whether
and in what timeframe the transaction will be completed, the failure of
either party to meet the closing conditions set forth in the definitive
agreement; the ability to retain key personnel both before and after the
transaction closes; ongoing relations between Radica and its suppliers,
customers and other parties; costs and other issues with respect to
integrating Radica, its products and its employees into Mattel and
achieving expected synergies; dependence on the timely development,
manufacture, introduction and customer acceptance of new products; the
seasonality of the toy business; customer concentration and pricing;
significant changes in buying and payment patterns of major customers,
including as a result of bankruptcy and store closures; adverse changes in
general economic conditions in the U.S. and internationally, including
adverse changes in the retail environment, employment and the stock market;
order predictability and supply chain management; the impact of
competition, including from private label toys, on revenues and margins;
the supply and cost of raw materials (including oil and resin prices),
components, employee benefits and various services; the effect of currency
exchange rate fluctuations on reportable income; risks associated with
acquisitions and mergers; the possibility of product recalls and related
costs; risks associated with foreign operations; negative results of
litigation, governmental proceedings or environmental matters; changes in
law and regulations; possible work stoppages, slowdowns or strikes;
possible outbreaks of SARS, bird flu or other diseases; political
developments and the threat or occurrence of war or terrorist acts; the
possibility of catastrophic events; the inherent risk of Mattel and Radica
new initiatives; and other risks and uncertainties as may be detailed from
time to time in public announcements and SEC filings. This release contains
forward-looking statements within the meaning of federal securities laws.
Readers are cautioned not to place undue reliance on these forward looking
statements and any such forward-looking statements are qualified in their
entirety to the cautionary statements contained in this press release.
Neither Mattel nor Radica updates forward-looking statements and expressly
disclaims any obligation to do so.
SOURCE Mattel, Inc.
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Related links:
http://www.mattel.com
http://www.prnewswire.com/comp/540363.html /
CONTACT:
Media, Lisa Marie Bongiovanni,
+1-310-252-3524, or Securities Analysts, Mike Salop,
+1-310-252-2703, both of Mattel, Inc.; or Media, Patrick S.
Feely, Chief Executive Officer, +1-626-744-1150, or Securities
Analysts, David C.W. Howell, Chief Financial Officer (Hong Kong),
+852-2688-4201, both of Radica Games Limited
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