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MATTEL (NASDAQ:MAT) REJECTS NEW MERGER OFFER FROM MGA ENTERTAINMENT

  • Merger not in the best interest of Mattel, according to the company
  • The first bid rejected in April

MGA Entertainment, a US-based manufacturer of children's toys and entertainment products, failed in a second bid to merge with rival Mattel Inc (NASDAQ:MAT). Isaac Larian, CEO of MGA, proposed a merger in a letter sent to Mattel’s CEO, Ynon Kreiz.

“[The offer was] not in the best interests of Mattel and its shareholders,” Bob Normile, Mattel’s chief legal officer responded in a letter to Larian.

The first bid was submitted and ultimately rejected in April.