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Peppa Pig maker's shares soar more than 30% after Hasbro acquisition offer

Last Updated Aug 23, 2019 at 2:19 pm EST

In this April 27, 2018 photo, hand cranked fans with Peppa Pig theme are seen during the Global Mobile Internet Conference (GMIC) in Beijing, China. The cherubic British cartoon character, Peppa Pig, has become an unlikely target of China's censors as online fans use her porcine likeness in sardonic memes and "gangster" catchphrases. (AP Photo/Ng Han Guan)

TORONTO — Shares of Toronto-based Entertainment One Ltd. soared more than 30 per cent after it struck a deal to be acquired by American toy giant Hasbro Inc. for US$4-billion.

EOne shares gained about 1.42 British pounds or 31.94 per cent to 5.85 pounds on the London Stock Exchange.

The boost came after Pawtucket, R.I.-based Hasbro announced Thursday it would pay roughly 3.3-billion pounds or 5.60 pounds per common share to acquire the company that brought kids the popular cartoon Peppa Pig.

The share’s closing price Friday already surpassed the acquisition offer, and traded as high as 6.16 pounds on Friday.

EOne produces several animated kids’ shows, including Peppa Pig, and Hasbro says the deal would help it turn more of its toy brands into shows or movies, as well as significantly expand its Canadian presence.

EOne’s Canadian TV and film operations would continue as a distinct Canadian-controlled business within the combined entity, and some of eOne’s executives have agreed to join Hasbro.

 

— With files from The Associated Press

The Canadian Press