NEW YORK: MGA Entertainment Inc. wants to merge with competitor Mattel Inc., even if it means hosting hostile.
Isaac Larian, CEO of closely-held MGA, said he "looks at other options" to merge the creator of Bratz dolls with the maker of Barbie dolls after his previous unwanted offer was rejected.
MGA, whose features also include Little Tikes and LOL Surprise! Last, Mattel reached his interest in May, referring to the company's rising debt and tumbling stock price as an impetus for a deal. Mattel rejected the proposal – which did not include any kind of price – according to an email exchange reviewed by Bloomberg News. Mattel refused to comment on the exchange.
"I try to do things peacefully, very confidentially, and you saw what the answer was, so there are other opportunities to take over a company for the sake of shareholders and we look in different ways," said Larian, who said He is a Mattel shareholder, but refused to specify his stake, and he refused to elaborate on what his next step is in his bid. Suitable for Mattel Shareholders. "
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His overture comes as Mattel tries to make a turn, and it's early signs it goes faster, even though it's met formally Obstacles in recent years, including the loss of major customer Toys "R" Us Inc., Mattel has made progress after naming his fourth boss for four years.
Ynon Kreiz took the helm last year, quickly launching a movie division in a attempts to transform toymak is a Hollywood force that rivals Hasbro Inc. and Lego A / S. The results in the first quarter are peaked, although sales analysts have expressed concern that it's still too early to create champagne.
Mattel's shares rose up to 12% after the closing of regular trading on Tuesday in New York. LET. Times reported on the merger offer earlier.
MGA has been interested in merging with rival Mattel for a while, despite its complicated history. According to Larian, who wants to run Mattel if his bid was successful, he approached the company in 2015 and again in 2018 about the interest in a potential merger and was shot down.