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.
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