'I'm looking at other options, frankly, because I don’t think the board is looking to do what’s right for Mattel shareholders. says Larian, CEO of MGA Entertainment Inc.
NEW YORK: MGA Entertainment Inc. wants to merge with rival Mattel Inc., even if it means going hostile.
MGA, whose properties also include Little Tikes and L.O.L. Surprise!, most recently approached Mattel about his interest in May, citing the company’s rising debt and tumbling share price as an impetus for a deal. Mattel rejected the proposal – which didn’t include any kind of price – according to an email exchange reviewed by Bloomberg News. Mattel declined to comment on the exchange.
Ynon Kreiz took the helm last spring, quickly launching a film division in a bid to transform the toymaker into a Hollywood force like rivals Hasbro Inc. and Lego A/S. First-quarter results topped estimate, though sell-side analysts have voiced concern that it remains too early to pop the champagne.
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