孩之寶（Hasbro）對(duì)競(jìng)爭(zhēng)對(duì)手美泰（Mattel）的收購(gòu)要約，一旦被對(duì)方接受，就會(huì)讓美國(guó)最大的兩家玩具制造商合并成一家超強(qiáng)公司。不過(guò)，盡管兩家玩具公司有著明顯的共性，但收購(gòu)之舉仍然讓一些人感到驚訝。

這筆交易很有意義，原因不止擺在臺(tái)面的那些。盡管孩之寶在Nerf和與迪士尼（Disney）合作的關(guān)鍵產(chǎn)品之外，加入芭比娃娃（Barbie）和風(fēng)火輪（Hot Wheels）等美泰的核心品牌絕對(duì)有助于提高收入，但除了拓寬知識(shí)產(chǎn)權(quán)品種之外，此舉還有著更多的意義。

以下是交易幕后可能存在的其他幾點(diǎn)理由。

爭(zhēng)奪貨架空間

玩具反斗城（Toys R Us）的破產(chǎn)在玩具市場(chǎng)產(chǎn)生了連鎖反應(yīng)。已經(jīng)顯得珍貴的貨架空間可能會(huì)隨著破產(chǎn)事件而進(jìn)一步被壓縮。樂高（Lego）等競(jìng)爭(zhēng)對(duì)手已經(jīng)開始越來(lái)越多地占據(jù)實(shí)體店的主要貨架。孩之寶和美泰一旦整合資源，他們的實(shí)力將足以在大型零售商的貨架上把較小的競(jìng)爭(zhēng)者擠入絕境——至少，讓這些對(duì)手迫于壓力降低價(jià)格，不得不竭盡全力追求盈利。

對(duì)抗電子產(chǎn)品的威脅

在過(guò)去一兩代里，兒童的玩耍習(xí)慣已經(jīng)出現(xiàn)了巨大的變化。桌上游戲沒有游戲機(jī)PlayStation那樣的吸引力。iPad也往往比彩色圖畫書或玩具汽車更有趣。盡管兒童仍然喜歡汽車，也需要它們來(lái)提升創(chuàng)造力，但電子屏幕的誘惑已經(jīng)影響了兩家公司的銷售額。

逢低買進(jìn)

美泰今年的財(cái)政狀況十分糟糕。玩具反斗城欠了美泰至少1.35億美元（這是反斗城欠孩之寶的兩倍），而美泰的股價(jià)今年也遭到腰斬。孩之寶一直有意收購(gòu)這家競(jìng)爭(zhēng)對(duì)手，早在20年前他們就提出過(guò)惡意并購(gòu)。隨著美泰在股市表現(xiàn)萎靡，收購(gòu)他們可能是一個(gè)不容忽視的美妙選擇。（財(cái)富中文網(wǎng)）

譯者：嚴(yán)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.