The CEO of MGA Entertainment has had his bid to save Toys ‘R’ Us in the US and Canadian rejected….
A $890m bid for Toys R Us from Isaac Larian has been rejected by the toy retailer, according to the WSJ.
The MGA boss had found a group of investors and bank financiers to put the offer in late last week. The $890m pot was a joint offer for both Toys R Us’ US and Canadian business, broken down into respective bids of $675m and $215m.
But the bankrupt toy retailer, which is currently auctioning off property and liquidating stock, said it was “significantly below” what it expects to earn through the administration process, according to the Financial Times.
In a statement, Isaac said he had not yet been made aware of the rejection, adding: “But if this is true, it is very disappointing.”
“It is our hope and expectation that we can continue to participate in the bid process, so we can keep fighting to save Toys ‘R Us,” he added. “We feel confident that we submitted a fair valuation of the company’s US assets in an effort to save the business and over 130,000 domestic jobs.”
Toys R Us has not yet commented and is still to make a formal rejection.
More as we get it!