Toymaker Mattel jumps after rejecting a takeover bid by Investing.com

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Investing.com – Toy maker Mattel (NASDAQ 🙂 rose Wednesday at the trading session after rejecting another merger offer from MGA Entertainment.

Doll maker Bratz and rival MGA Entertainment proposed the deal on May 21, Reuters reported. The amount of the offer has not been disclosed.

Mattel jumped 9.5% after the news.

Barbie's Board of Directors has unanimously concluded that this proposal "is not in the best interests of Mattel and its shareholders," wrote Norma, Bob Normile, Legal Director of Mattel.

The deal would have been conditional upon MGA CEO Isaac Larian becoming Chairman and CEO and all current Mattel Board members resign. This is Larian's second offer to the company over the last year.

Mattel has struggled to increase sales and has lost 30% of its inventory value in the past 12 months.

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