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Mattel shares skyrocket more than 20% on report of Hasbro takeover interest
13 November 2017, 12:25 | Vera Richards
Hasbro reportedly makes a takeover bid for struggling rival Mattel
Mattel, the maker of Barbie and Hot Wheels, has been struggling to boost sales. Mattel's stock surged on the news, while Hasbro saw a 3% bump in after-hours trading.
Mattel's stance toward Hasbro at this time is not clear, and it remains far from certain that a deal will materialise, the source said, asking not to be identified because the matter is confidential.
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Toymaker Hasbro Inc has made a takeover approach for rival Mattel Inc, the Wall Street Journal reported on Friday. It blamed some of the decline on the recent bankruptcy filing of retailer Toys R Us Inc.
One analyst in the toy industry said that both companies would enjoy benefits from merging, but stockholders at Mattel may oppose such a deal that valued their company on a recently depressed share price. Hasbro has My Little Pony and Monopoly. Conversely, Hasbro shares have increased 8 percent bringing its market value to an impressive $11.4 billion.
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Two weeks back, Mattel suspended its dividend and Chief Executive Margo Georgiadis, who took the job in January, warned the company would miss its full-year revenue forecast.
Hasbro has a market value of $11.4 billion, and its stock is up almost 18 percent this year.
A similar rumor that Hasbro and Mattel were holding merger talks appeared in media reports in early 2016, and such speculation repeatedly has surfaced and then faded in the two decades since Hasbro resisted a formal $5.2-billion purchase bid from Mattel.
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