Major Mattel shareholder pushes for sale of toymaker
MAT•Ariel Investments, which holds a 5.4% stake in Mattel, urged the company to explore strategic alternatives, including a potential sale, saying its shares are significantly undervalued as a public company.
1. Ariel urges strategic review
Ariel Investments called on Mattel to explore strategic alternatives, including a potential sale, in a letter to the board. The investor holds a 5.4% stake in Mattel.
2. Mattel responds
Ariel Co-CEO John Rogers wrote that a strategic buyer would pay a significant premium to Mattel’s current share price, according to the letter. Mattel said its board and management would consider Ariel’s views and those of other shareholders.
3. Earlier investor proposal
In May, Mattel investor Southeastern Asset Management urged the company to explore options including going private or being acquired by Hasbro or a large media company.
