Mattel Moving On M&A Reports

Mattel Inc MAT shares are trading higher after the company rejected an unsolicited merger offer from rival toymaker MGA Entertainment, according to the Los Angeles Times.

Isaac Larian, the founder and chief executive of MGA, confirmed Tuesday that last month he renewed his offer to merge the companies. He made his initial overture a year ago and said Mattel's "have worsened since then."

Related Link: Toying With Tariffs: Trade War With Mexico Could Hurt Mattel, While China Spat Affects Hasbro

Earlier Wednesday, traders circulated speculation from Dealreporter suggesting Hasbro, Inc. HAS is "eyeing" Mattel. Shortly after that news hit, a Dealreporter analyst tweeted "Periodic reminder that Dealreporter aggregation is generally not accurate."

Mattel shares traded higher by 8.5% at $11.74 per share at time of publication.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: M&ANewsRumorsMediaLos Angeles TimesMGA Entertainment
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!