Friday 24th November, 2017
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Mattel shares soar 20% on report of Hasbro’s takeover bid

Sheetal Sukhija - Tuesday 14th November, 2017

CALIFORNIA, U.S. - Following reports that toy giant Hasbro is considering a takeover of Barbie toymaker Mattel, shares in Mattel jumped almost 20 percent on Monday.

Hasbro, which has brands including Play-Doh and My Little Pony, also saw its shares rising 7 percent higher in New York.

Last month, after warnings that the bankruptcy of retailer Toys R Us could limit sales, shares in both the companies, that are among the world's biggest toymakers, fell.

For Mattel, which had, in 1996, tried to take over Hasbro, has diversified its fortunes over the past year 

Mattel, which is currently valued at $6 billion, has seen its shares losing almost half their value over the past year and were trading at $17.68 on Monday.

Hasbro's shares were $97 - $10 higher than a year ago and giving it a market value double that of Mattel.

Currently, Mattel’s brands including Matchbox and Hot Wheels as well as Barbie sells its products in 150 countries and employs 32,000 people globally.

Last month, in its third-quarter results, the company’s sales fell 13 percent, and it suspended its dividend payout to shareholders and accelerated a cost-cutting drive.

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