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Mattel shares soar on report of Hasbro takeover offer
13 November 2017, 02:07 | Gordon Grant
A merger of this size wouldn't be child's play but could be beneficial for both companies
Hasbro said it does not comment on "rumors or speculation".
The stance by Mattel toward Hasbro related to this approach is not known and it remains far from being certain a deal will eventually materialize, said the source, who asked to remain anonymous since the matter was confidential.
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.
Hasbro, which is based in Pawtucket, Rhode Island, manufactures toy brands including G.I. Joe, Nerf, Transformers and My Little Pony. It also has rights to valuable entertainment franchises such as "Star Wars".
But, the deal could be an opportunity for Mattel, which has struggled financially in recent years.
India Inc. welcomes reduction in GST tax rates The GST Council is also expected to offer more relief to small and medium enterprises due to compliance burden. Friday's GST Council meet, only 50 items will now remain under the highest tax slab of 28 per cent.
Mattel in late October reported a 14% drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend. For those curious, Mattel has a market value of about $5 billion, while Hasbro is worth about $11 billion, so more than double.
Hasbro has a market value of $11.4 billion, and its stock is up almost 18 percent this year.
For much of this year, there has been talk across the toy industry about a possible tie-up between the two companies.
Hasbro, Inc. shares closed at $91.45 on Friday, up $2.76 (+3.11%).
Hasbro contended at the time that a deal might be blocked by federal regulators on antitrust grounds, and Mattel abandoned its offer in early 1996.
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