OTCPicks Featured Company: Grand Toys International Limited (GRIN) Signs Term Sheet to Acquire Wham-O, Inc.
Grand Toys International Limited (NASD: GRIN) announced the signing of a term sheet to acquire 100% of Wham-O, Inc. from Cornerstone Strategic Management Limited. Cornerstone is company owned and managed by Raylin Hsieh, the wife of Grand Toys major shareholder, Jeff Hsieh. With the acquisition, Grand Toys saw an increase of 224.63% on Thursday. The terms call for Grand Toys to pay Cornerstone cash consideration of US$35 million adjusted for liabilities of Wham-O and 100% of the shares of its wholly-owned subsidiaries Hua Yang Holdings Co, Ltd. and Kord Holdings, Inc. The liabilities between Grand Toys and their two subsidiaries…