Entertainment One soars on takeover announcement

FTSE 250 film and TV production firm Entertainment One (LON:ETO) has seen its share price shoot upwards by 34.23% to 595.16p (as of 13:30 BST) after it entered into an agreement to sell the business to Hasbro. The US toy giant’s all-cash offer values the business at £3.3 billion and current shareholders will receive £5.60 per share.

CEO Darren Throop commented: “Hasbro’s portfolio of integrated toy, game and consumer products, will further fuel the tremendous success we’ve achieved at eOne. There’s a strong cultural fit between our two companies; eOne’s stated mission is to unlock the power and value of creativity which aligns with Hasbro’s corporate objectives. eOne teams will continue to do what they do best, bolstered by the access to Hasbro’s extensive portfolio of richly creative IP and merchandising strength. In addition, the resulting expanded Hasbro presence in Canada through eOne’s deep roots will bring world class talent and production capabilities to Hasbro. Along with our leadership team, I look forward to working with Hasbro on our joint growth and success for many years to come“.