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LONDON — U.S. toy maker Mattel Inc. on Friday announced a $78.32-million offer for British games maker J.W. Spear & Sons, a last-minute bid to spoil the party for main competitor Hasbro Inc.
Spear is best known for holding the rights outside the United States to the popular word game Scrabble.
The move again pits Mattel against archrival Hasbro. Mattel last year dropped a multimillion-dollar lawsuit after Hasbro agreed to make its best-selling doll, Sindy, look less like Mattel’s Barbie. Hasbro is the largest American toy company and owns the U.S. rights to Scrabble.
Mattel’s cash offer values each Spear share at $15, trumping the $13.50 on the table from Hasbro. Spear’s board immediately backed the higher offer.
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