M&A deals sold separately.

Toy makers Hasbro Inc. (HAS) - Get Report and Mattel Inc. (MAT) - Get Report were both spiking suddenly Tuesday afternoon. While there is no new news for either company, there has been months of speculation that the two companies are seeking a merger.

Hasbro shares rose more than 5% to $95.63 while Mattel shares added about 12%, to $18.

Hasbro reportedly made a takeover bid for Mattel in November amid slumping sales among iconic staples at the brand like Barbie Doll, Hot Wheels, Fisher-Price and American Girl dolls. 

Mattel reported a 14% drop in third-quarter sales last year, sending the stock into a tailspin. Mattel shares have dropped nearly 40% over the past 12 months. Over the same period, Hasbro shares are up nearly 14%. 

Mattel has scheduled its fourth-quarter earnings release for February 1, Hasbro meanwhile hasn't yet set a date for its release. 

A request for comment from Hasbro was not answered before this story's deadline. 

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