Mattel, Inc. (NASDAQ: MAT) shares fell in late trading following a rejection from the possible Hasbro, Inc. (NASDAQ: HAS) takeover, a deal that could’ve created the largest American toymaker. Mattel claims that the proposal undervalues the company and raised concerns about challenges on antitrust grounds. Mattel shares dropped 7.3% to $16.99 marking a huge blow since their jump of 30% earlier this month. 

Investors of $4.9 billion Parnassus Endeavor Fund predicted that the company wouldn’t sell for less than $22 to $25 a share which is a premium of at least 20% over the closing price following this rejection. The fund group is part of San Francisco’s Parnassus Investments which owned about 16 million Mattel shares, making them the sixth largest investor in the toy company.

If Mattel does decide to be independent, the new Chief Executive Officer Margo Georgiadis aims to work on a turnaround plan that will focus on enhancing Mattel’s product line with more technology.