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13 November 2017, 12:25 | Kenneth Drake
Hasbro Makes Bid For Rival Toymaker Mattel
Photo Barbie, one of Mattel's biggest properties, would move under the Hasbro banner if Hasbro succeeds in acquiring its rival.
According to a report on the WSJ, Hasbro had recently approached Mattel with the deal.
Shares in Mattel reacted positively to the news as they shot up by 24% during Friday afterhours trading.
The Wall Street Journal reported the talks, citing sources familiar with the matter. The terms of a potential deal could not be learned, the newspaper said. It blamed some of the decline on the recent bankruptcy filing of retailer Toys R Us Inc.
Hasbro, based in Pawtucket, R.I., makes toys products such as Transformers, G.I. Joe figures, My Little Pony, Nerf and Play-Doh, as well as games such as Monopoly, Scrabble and Twister.
Two weeks back, 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. Shares of Mattel have dropped by 47% during the year, valuing the business at just over $4.8 billion and making it a target for a takeover. Hasbro has a value of about $11-billion after a near 18 per cent increase in its stock price in 2017.
Hasbro, Inc. shares closed at $91.45 on Friday, up $2.76 (+3.11%).
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.
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