Mattel shares soar on report of Hasbro takeover offer

by Harriet Bell November 13, 2017, 0:23
Mattel shares soar on report of Hasbro takeover offer

Mattel's brands include the Barbie doll, Hot Wheels and Matchbox cars, Fisher-Price toys and American Girl dolls.

Representatives for Hasbro and Mattel declined comment on the report, saying they don't respond to speculation.

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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Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro made a takeover offer for Mattel.

The terms of any possible deal "couldn't be learned", the WSJ said, and it is not clear if the approach will move forward.

Both toymakers have been struggling with waning demand and the recent bankruptcy of Toys'R'Us, a major outlet for toy sales.

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Hasbro, which is based in Pawtucket, Rhode Island, manufactures toy brands including G.I. Joe, Nerf, Transformers and My Little Pony.

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. Hasbro shares were up 3.3%. More than two decades ago, Mattel sought to take over Hasbro, but Hasbro rejected that hostile bid, saying the merger would never pass antitrust hurdles. Mattel's stock has fallen 52 percent over the past year, and its market value is now about $5 billion.

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