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Fly News Breaks for June 12, 2019
HAS, MAT
Jun 12, 2019 | 10:13 EDT
The "loose" offer for Mattel by MGA Entertainment, according to press reports, was creatively constructed to bind the two entities using MGA's estimated $400M-plus in EBITDA with forgiveness of a multi-hundred million dollar lawsuit between the companies as equity, Jefferies analyst Stephanie Wissink told investors earlier in a research note. It is not clear that the implied post-deal value is a premium to current Mattel shareholders, added the analyst, who admits she's "largely indifferent" to the stock at $11. The analyst keeps a Hold rating on the name. Mattel (MAT) in morning trading is up 8% to $11.63. Its peer Hasbro (HAS) is up 61c to $106.29.
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