Mattel has rebuffed Hasbro’s latest takeover approach, according to sources familiar with the matter.
The development has cast uncertainty over the potential combination of the world’s two largest toy companies.
Mattel’s rebuttle indicates that Margo Georgiadis, who took over as the company’s CEO in February, is seeking to drive a hard bargain in negotiations with Hasbro.
Mattel has informed Hasbro that its proposal undervalues the company and does not take sufficiently into account the potential for regulators to reject the deal based on antitrust concerns, sources have said.
The companies have engaged in multiple rounds of deal talks over the last two decades and it is not clear whether negotiations between the two companies will continue.
Hasbro and Mattel have had talks several times over the years, including in 1996 and again in late 2015.