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Mattel shares skyrocket more than 20% on report of Hasbro takeover interest

Mattel shares skyrocket more than 20% on report of Hasbro takeover interest

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.

Hasbro's approach was made recently, the WSJ said, citing one person.

A new report claims that Hasbro Inc. has made a takeover offer for its rival, Mattel Inc., although details surrounding the offer are now unknown. It was unclear whether Hasbro had offered any terms for a deal or whether any further discussions had taken place, said the people, who insisted on anonymity because the talks were private.

The two companies were not immediately available for comment. Shares have fallen almost 50% over the year after the company suspended its shareholder dividend and outlined cost-saving measures.

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Hasbro has a total market value of $11.4 billion, and its stock is up almost 18% this year. Shares of Mattel have dropped by 47% during the year, valuing the business at just over $4.8 billion and making it a target for a takeover.

Hasbro, Inc. shares closed at $91.45 on Friday, up $2.76 (+3.11%). Last month the company suspended its dividend and warned it would miss forecasts for revenue this year.

The report comes close on the heels of the bankruptcy of Toys'R'Us - a major outlet for toy sales - that piled more pressure on an industry already struggling with online competition and lackluster demand for traditional toys.

That deal would have given Hasbro a direct pipeline into Hollywood, with more movies and TV shows tied to its toy brands.