Mattel Stock Soars on Hasbro Takeover Attempt
Shares of toy maker Mattel (NASDAQ: MAT) soared on Monday following reports that rival Hasbro (NASDAQ: HAS) had made a recent takeover approach. If an acquisition were to take place, it would create a toy behemoth with more than $10 billion of annual revenue. Shares of Mattel were up about 20% at 11:10 a.m. EST, while shares of Hasbro were up about 6.5%.
Neither company has commented on the reports, and it's unclear whether talks are still ongoing. Mattel has been struggling to turn itself around for the past few years, and the recent bankruptcy of Toys "R" Us has only made things more difficult. Net sales tumbled 13% during Mattel's third quarter, and the company was forced to eliminate its dividend entirely in order to preserve cash.
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Source: Fool.com
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