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Mattel : stock soars on report of Hasbro takeover offer

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11/10/2017 | 11:46 pm

NEW YORK — Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro made a takeover offer for Mattel.

The Wall Street Journal, citing people familiar with the matter that it did not identify, said Hasbro approached Mattel recently about a deal. Both companies have had trouble selling their toys to today's kids, many of whom would rather play with a tablet. Mattel's toys include Barbie and Hot Wheels. Hasbro has My Little Pony and Monopoly.

A spokeswoman for Pawtucket, Rhode Island-based Hasbro said it does not comment on "rumours." Mattel, based in El Segundo, California, did not immediately respond to a request for comment.

Shares of Mattel Inc. rose $3.09, or 21 per cent, to $17.71 in extended trading. Hasbro Inc. shares rose $2.55, or 2.8 per cent, to $94.

© 2017 The Canadian Press. All rights reserved., source Canadian Press DataFile

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