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USA toymaker Hasbro in fresh approach to acquire Mattel

13 November 2017, 02:07 | Melanie Burgess

Hasbro reportedly offered to buy Mattel

Hasbro Makes Bid For Rival Toymaker 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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Both companies took a hit when Toys R Us filed for bankruptcy protection in September.

That prompted S&P Global Ratings to lower its ratings on Mattel's corporate debt, and led one analyst to say that Mattel might be better off as a takeover target.

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

Hasbro ended talks to acquire US movie studio and entertainment company Lions Gate Entertainment Corp, Reuters reported in August. Shares of Hasbro rose 3.6% to $94.70 after hours.

Hasbro contended at the time that a deal might be blocked by federal regulators on antitrust grounds, and Mattel abandoned its offer in early 1996.



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