Shares of toy maker Mattel saw some losses on Friday after a Wall Street Journal report said that the company had rejected a merger proposal recently from MGA Entertainment.
MGA Entertainment is better known for making Bratz dolls.
Isaac Larian, the founder of the company that owns Bratz dolls and Little Tikes toys, proposed to merge with Mattel and was shot down.
Larian was involved in an exchange of letters with outgoing Mattel Chairman Christopher Sinclair in which Larian suggested a merger of the two companies for an undisclosed price. As part of his proposal, he would been the chairman and CEO of the combined company. Mattel basically said, no thanks.
Sinclair stated, “The Mattel board unanimously concluded that this proposal is not in the best interests of Mattel and its shareholders. Mattel is not interested in further discussing the matter with you.”
Disclaimer: We have no position in Mattel, Inc. (NASDAQ: MAT) and have not been compensated for this article.