United States toymaker Hasbro makes new approach to buy Mattel
12 November, 2017, 02:20 | Author: Melinda Barton
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 USA toymakers in over two decades.
Hasbro has made a bid to acquire rival toymaker Mattel, according to a new report.
According to commentators, a deal would create a toy powerhouse, uniting Hasbro's My Little Pony, Monopoly and Nerf brands with Mattel's Barbie dolls and Hot Wheels toys with the combined company having more pricing power to negotiate with entertainment studios over TV and movie franchises. Mattel shares shot 24 per cent in after-hours trading, while shares of Hasbro shares rose 3.3 per cent.
Mattel and Hasbro have held talks a number of times in the past, including as long ago as 1996 and as recently as late in 2015. The terms of a potential deal could not be learned, the newspaper said. Mattel's shares have slumped 47 percent this year, valuing the company at $4.8 billion and making it more vulnerable as a takeover target. Last month, Mattel said the toy retailer's bankruptcy - a result of shifting consumer preference for electronic toys and e-commerce - was a factor in the company's third quarter results and Mattel's sales have fallen 13 percent since a year ago.
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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