NEW YORK: MGA Entertainment Inc. wants to team up with rival Mattel Inc., even though this implies hostility "options" to bring the creator of Bratz dolls together with the maker of Barbie dolls his previous offers were rejected.
MGA, which also owns Little Tikes and LOL's Surprise!, Recently turned to Mattel about his interest in May, pointing to the company's rising debt and falling stock price as a boost to a deal. Mattel rejected the proposal – which contained no price – according to an email exchange checked by Bloomberg News. Mattel declined to comment on the exchange.
"I try to do things in a peaceful way, very confidentially, and you have seen what the reaction was. and we're looking at different ways, "said Larian, who called himself a Mattel shareholder, but refused to announce his stake. He also refused to elaborate on his next steps. "Honestly, I'm looking at other options because I do not think the board wants to do the right thing for Mattel shareholders."
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His Overture comes as Mattel tries to initiate a turnaround, and there are first signs that it is gaining speed. Although Mattel has encountered huge obstacles in recent years, including the loss of the major toy company "R" Us Inc., he has made progress in four years following the appointment of his fourth chief executive officer.
Ynon Kreiz took over the helm last spring and quickly formed a film department to turn the toy maker into a Hollywood troupe like rivals Hasbro Inc. and Lego A / S. First-quarter results outperformed, although sell-side analysts expressed concern that it was too early to burst the champagne.
Mattels shares rose even after the close on Tuesday in New York even by 12%. The L.A. Times reported earlier on the merger offering.
Despite its complicated history, MGA has been interested in merging with rival Mattel for some time. According to Larian, who wants to lead Mattel when his bid is successful, he contacted in 2015 and 2018 because of his interest in a possible merger with the company and was shot down.