Mattel stock soars on report of Hasbro takeover offer


Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro has made a takeover offer for Mattel. Such a deal could bring together well-known brands like Monopoly, Nerf, Barbie and Hot Wheels.

The Wall Street Journal, citing people familiar with the matter that it did not identify, said Hasbro approached Mattel recently about a deal. Hasbro said it does not comment on "rumors or speculation." Mattel did not immediately respond to a request for comment.

Toy companies, including Hasbro and Mattel, have had trouble selling their toys to today's kids, many of whom would rather play with a tablet.

Revenue at El Segundo, California-based Mattel has fallen every year since 2013, and its stock has lost nearly half its value since the beginning of the year.

Hasbro, based in Pawtucket, Rhode Island, has fared better after it took over the rights from Mattel for Disney's "Princess" and "Frozen" dolls in late 2014. 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.

Both companies took a hit when Toys R Us filed for bankruptcy protection in September. Hasbro and Mattel said that they temporarily reduced shipments to the toy store operator ahead of the bankruptcy filing, but said they were working with the retailer to get their toys on its shelves during the holiday season.

Shares of Mattel Inc. rose $3.38, or 23 percent, to $18 in extended trading. Hasbro Inc. shares rose $2.55, or 2.8 percent, to $94.


Reader Comments ...


Next Up in Top News from AP

Flash flood kills 5 children, 4 adults at Arizona swim hole
Flash flood kills 5 children, 4 adults at Arizona swim hole

TONTO NATIONAL FOREST, Ariz. (AP) - Adults, teens and children as young as 2 were enjoying a summer afternoon by cooling off in an Arizona creek when the gentle waters turned deadly. The group from the Phoenix and Flagstaff areas had met Saturday for a day trip along a popular swimming hole near Payson, about 100 miles (160.9 kilometers) northeast...
Human remains found in search for missing men, 1 victim identified
Human remains found in search for missing men, 1 victim identified

NEW HOPE, Pa. (AP) - Investigators found the body of one of four missing young men along with other human remains buried on a Pennsylvania farm, and vowed to "bring each and every one of these lost boys home to their families." Cadaver dogs led them to the spot on the 90-acre (36-hectare) farm in Solebury Township where they discovered human...
North Korea claims it tested first intercontinental missile
North Korea claims it tested first intercontinental missile

SEOUL, South Korea (AP) - North Korea claimed to have tested its first intercontinental ballistic missile in a launch Tuesday, a potential game-changing development in its push to militarily challenge Washington - but a declaration that conflicts with earlier South Korean and U.S. assessments that it had an intermediate range. The North has previously...
The ESPYS on Channel 2: Michael Phelps, Simone Biles among finalists
The ESPYS on Channel 2: Michael Phelps, Simone Biles among finalists

Multiple stars from last summer's Rio Olympics highlight this year's nominees for best male and female athletes for The ESPYS. Swimmer Michael Phelps, who won five gold medals in Rio, joins National League MVP Kris Bryant of the Chicago Cubs, Pittsburgh Penguins captain Sidney Crosby and Oklahoma City Thunder guard Russell Westbrook as the four nominees...
Tropical Storm Cindy makes landfall in Louisiana
Tropical Storm Cindy makes landfall in Louisiana

Gulf Coast states were in for a third day of rough weather as Tropical Storm Cindy sloshed ashore early Thursday in southwestern Louisiana. Already blamed for one death in Alabama, Cindy was expected to keep churning seas and spin off bands of severe weather from eastern Texas to northwestern Florida. The storm's maximum sustained winds had decreased...
More Stories