Mattel has rejected another merger offer from MGA Entertainment’s CEO Isaac Larian, the boss of the Bratz Dolls maker revealed earlier this week.
Now widely reported across business media, MGA Entertainment made the proposal in a letter to Mattel’s CEO Ynon Kriez, but was rebuffed in a response that stated the proposal was “not in the best interests of Mattel and its shareholders.”
The approach was made on May 21 this year. A response did not emerge until June 7, in which, Bob Normile, Mattel’s chief legal officer, wrote to Larian highlighting the company board’s unanimous conclusion.
According to Reuters, MGA’s renewed offer was on condition that Larian would become Mattel’s chairman and CEO and all of Mattel’s board members resign “without any further compensation.”
Larian did not propose a specific price for the bid, but he has told the Los Angeles Times that it would “absolutely” be at a premium to Mattel’s current market price. Mattel had a market value of $3.52 billion as of Tuesday’s close.
Larian first made overtures to Mattel in April of last year, emails have revealed.