Times are quite dynamic in the toy business world. MGA Entertainment’s Isaac Larian has offered to buy Mattel, but the company declined.
Mattel, which is in the process of restructuring, received the offer on May 21st, 2019, the Los Angeles Times reports. The company took its time to respond and did so on June 7.
Bob Normile, Mattel’s chief legal officer, wrote to Larian highlighting the company board’s unanimous conclusion. And that’s a “no”.
Larian has confirmed that he indeed made an offer for Mattel. He has only said that the price offered was for stocks of the company and would be a premium over its current market price.
Reuters also reports that Larian’s offer included the removal of Mattel’s entire leadership. Larian would become chairman and CEO and the board members would have resigned without any compensation.
It’s not the first time Larian has offered to buy Mattel. His offer was once again declined. The news of the decline lead Mattel’s stock to soar. It seems investors for now like the idea of Mattel remaining independent.
