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Why Mattel Just Dropped 6.6%

TheMotleyFool

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Pity Mattel (NASDAQ: MAT). First came the short report. Then came the whistle-blower report. Now Mattel has apparently become so unpopular that it can't even get its biggest rival to put it out of its misery.

As we learn today on TheFly.com, investors have been hoping that beleaguered Mattel might ultimately end up getting rescued by a buyout from archrival Hasbro (NASDAQ: HAS). Instead, Hasbro has announced that it will be spending $4 billion to acquire Entertainment One -- a company I'll bet you'd never even heard of before this announcement (it makes animated TV series Peppa Pig and PJ Masks).

Mattel stock is down 6.6% on the news as of 12:50 p.m. EDT.

Source Fool.com

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