Mattel stock soars on report of Hasbro takeover offer

Barbie
FILE - In this Feb. 14, 2015 file photo, Hello Barbie is displayed at the Mattel showroom during the North American International Toy Fair in New York. The toy records and stores conversations between kids and their dolls to improve speech-recognition technology and help its makers create more relevant automated responses for kids. Parents concerned about privacy can review and delete those conversations by visiting a website. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) – Shares of Mattel soared in after-hours trading Friday after a report that rival Hasbro made a takeover offer for Mattel.

The Wall Street Journal, citing people familiar with the matter that it did not identify, said Hasbro approached Mattel recently about a deal. Both companies have had trouble selling their toys to today’s kids, many of whom would rather play with a tablet. Mattel’s toys include Barbie and Hot Wheels. Hasbro has My Little Pony and Monopoly.

A spokeswoman for Pawtucket, Rhode Island-based Hasbro said it does not comment on “rumors.” Mattel, based in El Segundo, California, did not immediately respond to a request for comment.

Shares of Mattel Inc. rose $3.09, or 21 percent, to $17.71 in extended trading. Hasbro Inc. shares rose $2.55, or 2.8 percent, to $94.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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