The Mattel sign is pictured at the Nuremberg International Toy Fair, Jan. 29, 2014, in Nuremberg, Germany.
Toymaker last week rejected another merger offer from Bratz doll maker MGA Entertainment, MGA’s chief executive officer, Isaac Larian, said on Tuesday.
MGA Entertainment made the proposal in a letter to Mattel CEO Ynon Kreiz dated May 21, according to emails that Larian shared with Reuters.
In response, Bob Normile, Mattel’s chief legal officer, wrote to Larian on June 7 that the company’s board unanimously concluded that the proposal was “not in the best interests of Mattel and its shareholders.”
MGA’s renewed offer was on condition that Larian would become Mattel’s chairman and CEO and all of Mattel’s board