Hasbro makes takeover offer for Mattel

Alicia Cross
November 12, 2017

GI Joe and Barbie could be set to shack up within the same company after toy making giant Hasbro made an offer to buy rival Mattel, according to reports.

Shares of Mattel, which makes Barbie dolls and Hot Wheels, dropped 47 percent this year, while stocks for Hasbro rose nearly 18 percent.

Shares of Mattel jumped about 24 percent in after-hours trading. The WSJ's sources say that the deal was made recently, didn't disclose terms, and that it might not go anywhere. The two companies declined to comment to the outlet, and the likelihood of the deal's success is unclear.

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

Hasbro's stock rose 18 per cent this year, and the company has a market value of $11 billion - more than twice that of Mattel.

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The bankruptcy filing in September by Toy "R" Us, the largest toy retailer in the USA, highlighted struggles that the sector is facing including children's preferences shifting from traditional toys to electronics and online competition increasing. Mattel's stock fell to its lowest level since 2009 that day.

But, the deal could be an opportunity for Mattel, which has struggled financially in recent years.

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.

Hasbro, which is trying to diversify its revenue stream, also sought to buy USA movie studio and entertainment company Lions Gate Entertainment Corp (LGFa.N) this year, but those talks ended without a deal, Reuters reported in August. And it maintains a strong relationship with Hollywood - Hasbro also makes toys for successful Disney franchises.

Other reports by Free-Prsite

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