Hasbro Makes Bid For Rival Toymaker Mattel

13 November, 2017, 02:09 | Author: Gladys Mathis
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"ORCRP009532-topic.html" class="local_link" >Mattel Inc.

Mattel shares rallied 21% to $17.75 after hours on heavy volume following a report from The Wall Street Journal (https://www.wsj.com/articles/hasbro-makes-takeover-approach-to-mattel-1510351281) that Hasbro made an offer for Mattel, according to sources close to the matter. It also has rights to valuable entertainment franchises.

El Segundo, California-based Mattel is the maker of iconic Barbie dolls, American Girl dolls, Fisher-Price and Hot Wheels toys.

Mattel in late October reported a 14% drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend. The company reported a decline in sales after Toys R' Us filed for bankruptcy in September.

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. "Thus, the company could have value to a financial, industry or entertainment conglomerate buyer".

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With a market cap around $11 billion, Hasbro is approximately twice the size of Mattel's $5 billion.

The news comes a week after it was announced Hasbro has teamed with Paramount Pictures to produce and distribute content based on Hasbro brands, as well as original stories.

Shares in Mattel reacted positively to the news as they shot up by 24% during Friday afterhours trading. Mattel's stock has fallen 52 percent over the previous year.

The two companies have engaged in talks several times over the years including in 1996 and again sometime in late 2015.

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