Hasbro Said to Make Bid for Toy Rival Mattel

Hasbro Said to Make Bid for Toy Rival Mattel

Hasbro Said to Make Bid for Toy Rival Mattel

Over two decades ago, Mattel tried to takeover Hasbro with Hasbro rejecting the offer.

A tie-up would create a toy powerhouse, uniting Hasbro's brands, which also include My Little Pony, with Mattel's Barbie dolls and Hot Wheels toys.

Mattel's shares were up 24.74 per cent in after-hours trading to $18.25, while Hasbro's were up more than three per cent to around $94.

Hasbro approached El Segundo-based Mattel recently with a takeover offer but terms of the proposal were not available, the Wall Street Journal reported Friday, citing unidentified sources familiar with the matter. Shares have fallen almost 50% over the year after the company suspended its shareholder dividend and outlined cost-saving measures.

Bloomberg reported in early 2016 that the two companies have held on-again, off-again talks.

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CEO Margo Georgiadis, who took the reins in January, has warned the business would miss its revenue forecast for the full year.

Both toymakers have been struggling with waning demand and the recent bankruptcy of Toys'R'Us, a major outlet for toy sales.

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

Mattel's market value is $5 billion after the stock plunged 47% so far this year. Hasbro, which makes Disney Princess Dolls and Nerf guns, rose about 3.3 per cent. But Mattel's shares are down by almost half this year alone - an appealing discount for Hasbro.

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