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.