Hasbro reportedly makes a takeover bid for struggling rival Mattel
13 November, 2017, 02:07 | Author: Franklin Nunez
The two companies, which had a combined market value of about $16-billion as of Friday's close, said they do not comment on rumors or speculation.
Hasbro made the takeover approach in recent months, these people said, as Mattel has struggled to revive some of its faded brands.
Hasbro Inc has made an approach to acquire rival Mattel Inc, a source familiar with the matter said yesterday, making it the latest attempt to combine the two biggest United States toymakers in over two decades. Hasbro owns Nerf, Transformers, and My Little Pony, while Mattel makes Barbie and American Girl dolls, along with Fisher-Price and Hot Wheels toys.
Talks that the two may join forces has been long rumored, as Mattel's stock has fallen a significant 52 percent over the past year, leaving its market value at $5 billion.
Mattel in late October reported a 14 percent drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend. Mattel has also blamed the bankruptcy of toy retailer Toys "R" Us for its weak sales.
That prompted S&P Global Ratings to lower its ratings on Mattel's corporate debt, and led one analyst to say that Mattel might be better off as a takeover target. Mattel shares shot 24 per cent in after-hours trading, while shares of Hasbro shares rose 3.3 per cent. Mattel's stock has fallen 52 percent over the past year.
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