New World Entertainment began a hostile $447-million...

New World Entertainment began a hostile $447-million tender offer for Kenner Parker Toys after a Massachusetts Superior Court reversed earlier decisions blocking the takeover bid. New World, based in Los Angeles, owns 8.4% of Kenner Parker, which is based in Beverly, Mass. The $41-per-share tender offer for the remainder of the company is worth $446.9 million based on Kenner Parker’s 10.7 million outstanding shares plus notes convertible into an additional 1.1 million shares.