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 approximately 56.60% of all issued
and outstanding shares of common stock of LeapFrog Enterprises,
Inc. (LeapFrog, NYSE: LF) had been validly tendered and not
withdrawn as of 11:59 p.m.,
New York City time, on
April 1, 2016, the expiration date of
the cash tender offer (the "Offer") conducted by Bonita Merger Sub,
L.L.C., an indirect wholly-owned subsidiary of VTech. All of
the tendered shares have been accepted for purchase by Bonita
Merger Sub, L.L.C.
As the conditions to the Offer have been satisfied as of the
expiration of the Offer, the parties expect to complete the merger
today in accordance with the terms of the Agreement and Plan of
Merger, dated February 5, 2016, as
amended, among VTech, LeapFrog and Bonita Merger Sub, L.L.C.
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.
Statement on Cautionary Factors
Any statements
made in this press release that are not statements of historical
fact including, but not limited to, statements about VTech's and
LeapFrog's beliefs and expectations and statements about VTech's
proposed acquisition of LeapFrog, are forward-looking statements
and should be evaluated as such. Forward-looking statements
include, but are not limited to, statements that may relate to
VTech's and LeapFrog's plans, objectives, strategies, goals, future
events and other information that is not historical
information. Factors that may materially affect such
forward-looking statements include VTech's and LeapFrog's ability
to successfully complete the merger.
VTech and LeapFrog do not undertake, and specifically disclaim,
any obligation or responsibility to update or amend any of the
information above except as otherwise required by law.
For inquiries,
please contact:
|
VTech Holdings
Limited
Grace Pang, Head of
Corporate Marketing
+852
26801703
grace_pang@vtech.com
|
LeapFrog Enterprises,
Inc.
Nancy Lee, Investor
Relations
(510)
420-5150
ir@leapfrog.com
|
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SOURCE LeapFrog Enterprises, Inc.; VTech Holdings Limited