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CORRECTED-Hong Kong's VTech agrees to buy LeapFrog for $72 mln
February 5, 2016 / 2:41 PM / in 2 years

CORRECTED-Hong Kong's VTech agrees to buy LeapFrog for $72 mln

(Corrects paragraph 3 to say LeapFrog will “become an indirect wholly-owned unit” of VTech, not “the combined company would be renamed as LeapFrog”)

Feb 5 (Reuters) - Hong Kong-based VTech Holdings Ltd said it would buy U.S. toymaker LeapFrog Inc for about $72 million.

VTech’s offer of $1 per share represents a 78.5 percent premium to LeapFrog’s Thursday’s close of $0.56.

The electronic toymaker said LeapFrog would become its indirect wholly-owned unit.

VTech, which sells children's tablets, electronic learning toys and baby monitors, had disclosed in November that it had been hacked that led to customer data being compromised. (reut.rs/1K2CigT)

Emeryville, California-based Leapfrog had reported lower-than-expected second-quarter sales in November and said it expected its 2016 sales to “contract considerably”. (Reporting by Abhijith G in Bengaluru; Editing by Anil D‘Silva)

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