Oak Brook 'Thomas' maker likely to go to Japan co.

Oak Brook toy company RC2 Corp. said today that the 30-day period during which it could solicit alternative buyout proposals has ended.

Last month, Japanese rival Tomy Co. agreed to purchase the maker of the Chuggington and Thomas & Friends toy line products in an all-cash deal valued at about $640 million.

Under terms of the deal, a Tomy subsidiary will offer to buy all outstanding shares of RC2 common stock for $27.90 a share. A tender offer related to the transaction is set to expire on April 20 unless extended or ended earlier.

Both companies' boards have approved the acquisition.

The deal is expected to close in the second quarter.