Hasbro reportedly makes a takeover bid for struggling rival Mattel

Mattel Barbie store

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

El Segundo, California-based Mattel is the maker of iconic Barbie dolls, American Girl dolls, Fisher-Price and Hot Wheels toys.

Shares in Mattel reacted positively to the news as they shot up by 24% during Friday afterhours trading.

Hasbro's approach to Mattel was made recently, one of the people said.

Hasbro Inc. has approached rival Mattel Inc. with a takeover offer, said a source close to the situation on Friday, the most recent attempt to bring together the two largest toymakers in the U.S. The terms of a potential deal could not be learned, the newspaper added, cautioning there could be no deal.




Mattel's shares have slumped 47 per cent this year, valuing the company at about $4.8-billion.

Hasbro, which is based in Pawtucket, Rhode Island, manufactures toy brands including G.I. Joe, Nerf, Transformers and My Little Pony. The company reported a decline in sales after Toys R' Us filed for bankruptcy in September.

Mattel in late October reported a 14% drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend.

Hasbro has a market value of $11.4 billion, and its stock is up almost 18 percent this year.

Mattel market value stands at about $5 billion this year, while Hasbro claims more than double that at $11 billion.

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