Hasbro reportedly makes a takeover bid for struggling rival Mattel
12 November, 2017, 02:23
Hasbro Inc. has made a takeover offer for rival Mattel Inc., according to people familiar with the matter, a combination that would unite the two biggest USA toy makers and put Barbie dolls and Nerf guns under the same roof.
If a deal is approved, however, it would unite better known Hasbro properties, such as My Little Pony, Monopoly, and Nerf with Mattel's Barbie and Hot Wheels toys and could potentially open the door for more partnership opportunities with the entertainment industry.
The WSJ's sources say that the deal was made recently, didn't disclose terms, and that it might not go anywhere. The Wall Street Journal first reported Hasbro's latest approach to Mattel. The two companies declined to comment to the outlet, and the likelihood of the deal's success is unclear.
Hasbro, Inc. shares closed at $91.45 on Friday, up $2.76 (+3.11%).
The two companies had a combined market capitalization of about US$16 billion as of Friday's close.
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Two weeks ago, 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. Meanwhile Hasbro's stock is up almost 15% in the past year.
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.
The bankruptcy filing in September by Toy "R" Us, the largest toy retailer in the USA, highlighted struggles that the sector is facing including children's preferences shifting from traditional toys to electronics and online competition increasing.
In 2014, Hasbro held merger discussions with DreamWorks Animation SKG Inc, the studio behind "Shrek", but DreamWorks was subsequently bought by Comcast Corp (CMCSA.O).
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