Mattel shares dip as Ariel pushes for sale, cites stalled turnaround
Mattel shares fell 2.6% after major shareholder Ariel Investments urged the Barbie maker to explore a sale, citing a stalled turnaround and profitability, in a letter seen. Ariel, which holds a 5.4% stake, said options include a sale, merger or asset divestiture, adding that a strategic buyer would likely pay a significant premium.
6 after major shareholder Ariel Investments urged the company to explore a sale in a letter seen, citing a stalled turnaround and profitability. 4% stake, said possible options include a sale, merger or asset divestiture, and added that a strategic buyer would likely pay a significant premium for the company. The push follows a reported takeover approach by Authentic Brands last week that could value Mattel at around $6 billion. Nine of 16 brokerages rate the stock "buy" or higher, five rate it "hold" and two rate it "sell"; the median price target is $18, according to data compiled.
2% year to date.