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HAS

Hasbro

$114.35

-1.06 (-0.92%)

16:43
08/22/19
08/22
16:43
08/22/19
16:43

Hasbro to acquire Entertainment One in all-cash deal valued at about $4B

Hasbro and Entertainment One announced that they have entered into a definitive agreement under which Hasbro will acquire eOne in an all-cash transaction valued at approximately $4B. Under the terms of the agreement, eOne shareholders will receive GBP 5.60 in cash for each common share of eOne, which represents a 31% premium to eOne's 30-day volume weighted average price as of August 22. Hasbro expects to finance the transaction with the proceeds of debt financing and approximately $1B-$1.25B in cash from equity financing. Hasbro has entered into a debt commitment letter with Bank of America Merrill Lynch to provide a 364-day senior unsecured bridge loan facility to secure funding of the purchase price. Hasbro is committed to maintaining an investment grade rating. Hasbro's long-term leverage target remains unchanged at 2.00 to 2.50X gross Debt to EBITDA and expects to return to this range in three to four years. Hasbro expects to maintain its quarterly dividend and suspend its current share repurchase program while it prioritizes achieving its leverage target. The transaction, which is structured as a statutory plan of arrangement under the Canada Business Corporations Act, has been approved by the boards of directors of each of Hasbro and eOne, and is subject to receipt of certain regulatory approvals, the approval by eOne shareholders and the Ontario Superior Court of Justice and other customary closing conditions. eOne is subject to customary non-solicitation provisions under the definitive agreement and a termination fee payable to Hasbro in certain circumstances. The transaction is expected to close during the fourth quarter.

HAS Hasbro
$114.35

-1.06 (-0.92%)

07/24/19
BMOC
07/24/19
NO CHANGE
Target $105
BMOC
Market Perform
Hasbro price target raised to $105 from $93 at BMO Capital
BMO Capital analyst Gerrick Johnson raised his price target on Hasbro to $105 after its Q2 earnings beat, saying investors concerns about "poor" NPD retail sales data was likely a reflection of the liquidation activity at Toys "R" Us last year. The analyst expects Hasbro's multiple to remain elevated after a strong first half performance and the "hype" ahead of Frozen 2 release, but keeps his Market Perform rating based on "lingering" concerns about valuation and "brand fatigue."
07/26/19
ARGS
07/26/19
UPGRADE
ARGS
Buy
Hasbro upgraded to Buy from Hold at Argus
07/26/19
ARGS
07/26/19
UPGRADE
Target $145
ARGS
Buy
Hasbro upgraded to Buy from Hold at Argus
Argus analyst John Staszak upgraded Hasbro to Buy with a price target of $145, citing the company's dominant position with a range of "strong" brands as well as in the big-screen business. The analyst contends that the stock is an "attractive investment for growth-income investors" as it works to expand its business in Asia Pacific and other emerging markets, also raising his FY19 EPS view by 25c to $4.65 and FY20 view by 20c to $5.20.
07/26/19
07/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Goldman Sachs (GS) and Citi (C) upgraded to Outperform from Market Perform at Keefe Bruyette. 2. Ambev (ABEV) upgraded to Neutral from Underweight at JPMorgan with analyst Lucas Ferreira saying the post-earnings share rally shows that investors are chasing good growth stories to play Brazil's economic recovery. 3. West Pharmaceutical (WST) upgraded to Neutral from Underperform at BofA/Merrill with analyst Derik de Bruin saying that over the course of the first half, the company addressed his prior concerns around organic revenue growth and product mix trends while also boosting its operating margins and generating higher free cash flows. 4. Union Pacific (UNP) upgraded to Overweight from Neutral at Atlantic Equities, while CSX (CSX) was upgraded to Neutral from Underweight. 5. Hasbro (HAS) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's dominant position with a range of "strong" brands as well as in the big-screen business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

AEO

American Eagle

$16.55

-0.44 (-2.59%)

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CACI

CACI

$216.89

0.91 (0.42%)

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ANF

Abercrombie & Fitch

$16.25

0.08 (0.49%)

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FB

Facebook

$188.13

1.89 (1.01%)

, GOOG

Alphabet

$1,229.61

-1.75 (-0.14%)

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U.S. antitrust regulators admit to 'squabbles' amid Big Tech probe, Reuters says »

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FB

Facebook

$188.13

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AMZN

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T

AT&T

$37.16

-0.16 (-0.43%)

17:25
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AT&T sees wireless service revenue growth continuing in second half of 2019 »

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  • 23

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CDW

CDW

$113.91

0.94 (0.83%)

, TSS

TSYS

$132.86

-1.7 (-1.26%)

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CDW to replace TSYS in S&P 500 at open on 9/23 »

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$113.91

0.94 (0.83%)

TSS

TSYS

$132.86

-1.7 (-1.26%)

GPN

Global Payments

$163.91

-2.21 (-1.33%)

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  • 17

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STBA

S&T Bancorp

$37.22

-0.17 (-0.45%)

17:16
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S&T Bancorp board authorizes new $50M stock buyback »

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FDX

FedEx

$173.53

-0.14 (-0.08%)

17:12
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FedEx rating change  »

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NEXT

NextDecade

$6.30

-0.1 (-1.56%)

17:10
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TELL

Tellurian

$8.33

-0.1 (-1.19%)

17:10
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NLNK

NewLink Genetics

$1.90

-0.03 (-1.55%)

, MRK

Merck

$82.53

0.52 (0.63%)

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MRK

Merck

$82.53

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ESTC

Elastic

$93.80

2.15 (2.35%)

17:03
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TOL

Toll Brothers

$40.68

-0.11 (-0.27%)

17:00
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Toll Brothers CEO sells 25,000 common shares »

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WTR

Aqua America

$43.88

0.51 (1.18%)

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INVH

Invitation Homes

$28.49

0.31 (1.10%)

16:54
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Syndicate
Invitation Homes files to sell 44M shares of common stock for holders »

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MODN

Model N

$28.43

0.275 (0.98%)

, IQV

Iqvia

$152.93

2.14 (1.42%)

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GWW

Grainger

$291.76

-4.29 (-1.45%)

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ACGL

Arch Capital

$40.89

0.33 (0.81%)

16:48
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Arch Capital management to meet with Buckingham »

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  • 19

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TOL

Toll Brothers

$40.68

-0.11 (-0.27%)

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KKR

KKR

$28.56

0.31 (1.10%)

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  • 20

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ADBE

Adobe

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1.54 (0.54%)

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General News
API crude inventories for week of September 13 »

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CAL

Caleres

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CHSP

Chesapeake Lodging

$27.20

-0.2 (-0.73%)

, PK

Park Hotels & Resorts

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CAE

CAE

$25.54

0.4 (1.59%)

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CAE management to meet with CIBC »

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