Mattel hot-wheels it higher on reports of bid approach from Hasbro
Mattel hot-wheels it higher on reports of bid approach from Hasbro
Hasbro Mattel Takeover Offer
14 November, 2017, 00:24
Shares of Mattel soared in after-hours trading on Friday following a report that rival, Hasbro, has made a bid to take over Mattel. Weekly performance analysis shows the equity at 11.43%.Covering Sell-Side analysts have offered recommendations and price target estimates on Mattel, Inc. This isn't the first time the two businesses have been a subject of merger rumors (the last time such speculation was stirred was 2016), but it is the first timeHasbro's market capitalization has been almost double Mattel's, placing it in a position to acquire a significantly depressed business.
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It is not the first time both companies have discussed a collaboration: both in 1996 and 2016, they briefly discussed a merger. "Some analysts have suggested that any deal would be closely scrutinized by competition officials", he adds. "Mr. Potato Head would be under the same roof as Barbie", writes Chris Woodyard for USA Today. MKM Partners raised Mattel from a "neutral" rating to a "buy" rating and set a $36.00 price target on the stock in a research report on Monday, October 10th. Mattel's market value is around 5 billion dollars (4.3 billion euro), but the company has already lost 47 % in value this year alone, despite properties like Barbie and Hot Wheels. The company revealed in October it suffered a 14% drop in its third-quarter sales. The company reported C$0.09 EPS for the quarter, missing the consensus estimate of C$0.58 by C ($0.49). "Thus, the company could have value to a financial, industry or entertainment conglomerate buyer'. Hasbro would have a larger stable of tech-driven toys, and could fold Mattel's know-how into its own projects", observes Jon Fingas for Engadget.
The news comes a week after it was announced Hasbro has teamed with Paramount Pictures to produce and distribute content based on Hasbro brands, as well as original stories. Hasbro's brands include Transformers, G. I. Joe, and Nerf, just to name a few.
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