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Mattel Drops on Report That It Rebuffed Approach From Hasbro

  • The shares had previously surged on takeover speculation
  • Reuters says that Mattel felt proposal undervalued business
A Mattel Inc. Barbie doll.

A Mattel Inc. Barbie doll.

Photographer: Daniel Acker/Bloomberg

Updated on

Mattel Inc. slipped in late trading on a report that it rebuffed a takeover approach from rival Hasbro Inc., spurning a deal that could have created the largest U.S. toymaker.

Mattel informed Hasbro that the proposal undervalues the company, according to Reuters, which cited unidentified people familiar with the situation. Mattel also had concerns about the transaction being challenged on antitrust grounds, the news service said.