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13 November 2017, 02:07 | Melanie Burgess
Hasbro reportedly offered to buy Mattel
"ORCRP009532-topic.html" class="local_link" >Mattel Inc.
Hasbro has made a bid to acquire its chief rival Mattel, according to people briefed on the discussions, a move that would further consolidate the world's toy industry.
Toy companies, including Hasbro and Mattel, are finding it hard to sell toys to today's kids, many of whom would rather play with a tablet, according to commentators.
Hasbro, which is based in Pawtucket, Rhode Island, manufactures toy brands including G.I. Joe, Nerf, Transformers and My Little Pony. Hasbro's stock is up 18 percent this year, and the company has a market value of $11 billion - more than twice as much as Mattel. Despite its financial woes, brands like Fisher Price and Hot Wheels, which are still seen as valuable, are said to make Mattel "ripe for a takeover" by Hasbro.
Mattel in late October reported a 14 percent drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend.
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