Hasbro Said to Make Bid for Toy Rival Mattel

Mattel Barbie store

Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro made a takeover offer for Mattel. The terms of a potential deal could not be learned, the newspaper added, cautioning there could be no deal.

El Segundo, California-based Mattel is the maker of iconic Barbie dolls, American Girl dolls, Fisher-Price and Hot Wheels toys.

The Wall Street Journal, citing people familiar with the matter that it did not identify, said Hasbro approached Mattel recently about a deal. Shares of Mattel have dropped by 47% during the year, valuing the business at just over $4.8 billion and making it a target for a takeover.

Hasbro has a market value of $11.4 billion, and its stock is up almost 18 percent this year. Conversely, Hasbro shares have increased 8 percent bringing its market value to an impressive $11.4 billion.

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Representatives for Hasbro and Mattel declined comment on the report, saying they don't respond to speculation.

Both toymakers have been struggling with waning demand and the recent bankruptcy of Toys'R'Us, a major outlet for toy sales.

CEO Margo Georgiadis, who took the reins in January, has warned the business would miss its revenue forecast for the full year. Mattel's stock fell to its lowest since 2009 that day.

Mattel and Hasbro have held talks a number of times in the past, including as long ago as 1996 and as recently as late in 2015.

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