为什么孩之宝想要收购美泰？

孩之宝（Hasbro）对竞争对手美泰（Mattel）的收购要约，一旦被对方接受，就会让美国最大的两家玩具制造商合并成一家超强公司。不过，尽管两家玩具公司有着明显的共性，但收购之举仍然让一些人感到惊讶。

这笔交易很有意义，原因不止摆在台面的那些。尽管孩之宝在Nerf和与迪士尼（Disney）合作的关键产品之外，加入芭比娃娃（Barbie）和风火轮（Hot Wheels）等美泰的核心品牌绝对有助于提高收入，但除了拓宽知识产权品种之外，此举还有着更多的意义。

以下是交易幕后可能存在的其他几点理由。

争夺货架空间

玩具反斗城（Toys R Us）的破产在玩具市场产生了连锁反应。已经显得珍贵的货架空间可能会随着破产事件而进一步被压缩。乐高（Lego）等竞争对手已经开始越来越多地占据实体店的主要货架。孩之宝和美泰一旦整合资源，他们的实力将足以在大型零售商的货架上把较小的竞争者挤入绝境——至少，让这些对手迫于压力降低价格，不得不竭尽全力追求盈利。

对抗电子产品的威胁

在过去一两代里，儿童的玩耍习惯已经出现了巨大的变化。桌上游戏没有游戏机PlayStation那样的吸引力。iPad也往往比彩色图画书或玩具汽车更有趣。尽管儿童仍然喜欢汽车，也需要它们来提升创造力，但电子屏幕的诱惑已经影响了两家公司的销售额。

逢低买进

美泰今年的财政状况十分糟糕。玩具反斗城欠了美泰至少1.35亿美元（这是反斗城欠孩之宝的两倍），而美泰的股价今年也遭到腰斩。孩之宝一直有意收购这家竞争对手，早在20年前他们就提出过恶意并购。随着美泰在股市表现萎靡，收购他们可能是一个不容忽视的美妙选择。（财富中文网）

译者：严匡正

Hasbro’s takeover offer for rival Mattel, if accepted, would combine the country’s two largest toy manufacturers into a powerhouse company. But despite the obvious commonalities of the two toy companies, the approach still caught some people by surprise.

It’s a deal that makes sense, but not just for the obvious reasons. While adding key Mattel brands like Barbie and Hot Wheels to Hasbro’s lineup, which includes Nerf and key production deals with Disney, will certainly boost the bottom line, there’s more going on here than just strengthening the IP catalog.

Here are a few of the other possible factors behind the deal.

Shelf space

The Toys R Us bankruptcy is having a ripple effect across the toy market industry. Shelf space, which was already at a premium, could be reduced as the fallout from that bankruptcy settles. And competitors like Lego are capturing more and more of the prime shelf real estate. By combining their resources, Hasbro and Mattel could be strong enough to keep smaller competitors at bay on the shelves of major retailers — or, at the very least, pressure them to price toys at a level that gives those competitors a run for their money.

The electronic threat

Kids’ play habits have changed tremendously in the last generation or two. Board games don’t have the appeal of a PlayStation. And the iPad is often more fun than a coloring book or toy cars. While kids still love toys and need them for creative growth, the lure of screens is impacting sales at both companies.

Bargain hunting

Mattel has had a terrible year financially. Toys R US owes it at least $135 million (twice the amount the chain owes Hasbro) and Mattel’s stock has seen prices cut in half this year. Hasbro has long had an interest in acquiring its competitor, making a hostile bid two decades ago. With the stock suffering, it may have simply been an offer that was too good to ignore.