NEW YORK (AP) — 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 “rumors.” Mattel, based in El Segundo, California, did not immediately respond to a request for comment.
Shares of Mattel Inc. rose $3.09, or 21 percent, to $17.71 in extended trading. Hasbro Inc. shares rose $2.55, or 2.8 percent, to $94.