Wolterk
Update 1:30pm: Adds Mattel response, Yahoo report on deal.
Mattel (NASDAQ:MAT) quickly soared 17% after a report that private equity firm L Catterton approached the toy maker with a takeover offer.
The move may push competitor Hasbro (HAS) to make its own offer, according to a Reuters report on Monday, which cited people familiar with the matter. Hasbro is discussing whether it will make a bid. Hasbro and Mattel have had unsuccessful deal talks over the years.
Mattel (MAT) told Bloomberg in an email that it’s “very confident” in its strategy as a standalone company. A Yahoo reporter posted on X that Mattel (MAT) is not in any deal talks and has not been approached.
Hasbro rose 2.3% on Monday. L Catterton is the PE shop backed by luxury goods powerhouse LVMH (OTCPK:LVMHF). Mattel (MAT) has a market cap of $5.6 billion, while Hasbro is valued at $8.2 billion.
Mattel, L Catterton and Hasbro didn’t immediately respond to Reuters requests for comment.
Developing story …
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