Hasbro Wants to Transform Mattel
Toymaker Mattel (NASDAQ: MAT) has been struggling for some time due to rising competition, children's changing play habits, and declining demand for its flagship Barbie brand. Its loss of the contract of produce toys for Walt Disney Co.'s Princess and Frozen lines was just the latest in a long line of missteps that gave competitor Hasbro (NASDAQ: HAS) the chance to take the title of top toy seller.
Mattel recently reported third-quarter financial results so dismal that it suspended its dividend and announced drastic cost cutting to shore up its financial position. Now, it seems the company's fiercest rival may be joining the game.
The Wall Street Journal is reporting that Hasbro has made a bid for its ailing competitor, which had seen its market value fall by half this year alone. While terms of the offer have not been disclosed, Mattel had a market cap of about $5 billion before the report surfaced.
Source: Fool.com
Mattel Inc. Aktie
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