Hasbro makes takeover offer for Mattel

Mattel, the maker of Barbie and Hot Wheels, has been struggling to boost sales.

Talks that the two may join forces has been long rumored, as Mattel's stock has fallen a significant 52 percent over the past year, leaving its market value at $5 billion.

According to a report on the WSJ, Hasbro had recently approached Mattel with the deal.

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Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro made a takeover offer for Mattel. It was unclear whether Hasbro had offered any terms for a deal or whether any further discussions had taken place, said the people, who insisted on anonymity because the talks were private.

Mattel's shares have slumped 47 per cent this year, valuing the company at about $4.8-billion.

Hasbro, based in Pawtucket, R.I., makes toys products such as Transformers, G.I. Joe figures, My Little Pony, Nerf and Play-Doh, as well as games such as Monopoly, Scrabble and Twister.

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If the deal were to go through, it would bring the two largest toy companies in the U.S. and their vast catalog of brands together. Hasbro closed at $91.45 a share, up 3%, on Friday. Mattel has also blamed the bankruptcy of toy retailer Toys "R" Us for its weak sales.

Hasbro has a market value of $11.4 billion, and its stock is up almost 18 percent this year.

With a market cap around $11 billion, Hasbro is approximately twice the size of Mattel's $5 billion.

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