Mattel dips as Ariel pushes for sale, citing stalled turnaround
MAT•Mattel shares fell 2.6% to $7.60 after 5.4% shareholder Ariel Investments urged the company to explore a sale, merger or asset divestiture, citing a stalled turnaround and profitability. Ariel said a strategic buyer would likely pay a significant premium.
1. Ariel urges strategic options
Ariel Investments urged Mattel to explore a sale, merger or asset divestiture in a letter, citing a stalled turnaround and profitability. The shareholder holds a 5.4% stake and said a strategic buyer would likely pay a significant premium.
2. Takeover approach reported
The push follows a reported takeover approach by Authentic Brands last week that could value Mattel at around $6 billion. Mattel shares were down 21.2% year to date, including the session’s moves.
