Kenner Parker Toys rejected New World Pictures’...

Kenner Parker Toys rejected New World Pictures’ $401.8-million takeover bid. The nation’s third-largest toy company said its shareholders would be better off if it remained independent. Kenner Parker, the Beverly, Mass.-based maker of Care Bears and Play-Doh, also asked the Securities and Exchange Commission and the New York Stock Exchange to look into an unusual amount of trading in its shares before Los Angeles-based New World made its $41-a-share offer.