Zuru Emerges as Second Potential Mattel Suitor, Shares Rise 3%
MAT sits 32% above its 52-week low of $12.4 on light trading volume (0.4× avg).
Summary
Zuru, the Hong Kong-based toymaker behind Robo Fish and Bunch O Balloons, is reportedly considering a takeover bid for Mattel, according to The Australian. The company has taken pitches from Australasian investment bankers in the past three to four weeks. This follows last week's report that Authentic Brands Group approached Mattel with a bid above $20 per share, and Tuesday's news that Ariel Investments (5.4% stake) is pushing for a sale. A second potential suitor increases the likelihood of a competitive bidding process, which could drive the price higher. Mattel shares rose 3.1% on the report.
At the time of this announcement, MAT was trading at $16.32 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $12.40 to $22.48. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.