Published 22 hours ago • loading... • Updated 5 hours ago
Mattel attracts takeover interest from Authentic Brands Group, the Wall Street Journal reports
Mattel shares rose nearly 20% after reports said Authentic Brands discussed a takeover offer worth more than $6 billion.
On Thursday, Authentic Brands Group discussed a bid for Mattel valued at around $6 billion, or more than $20 per share, sending shares up nearly 20%.
This news follows Mattel's Wednesday announcement that Cond Nast CEO Roger Lynch will become its next CEO, succeeding Ynon Kreiz, who is joining Paramount and Warner Bros and Discovery.
Sources confirmed to CNBC that preliminary discussions regarding a potential takeover are underway, with Authentic maintaining interest in entertainment properties tailored to children.
A Mattel spokesperson said, "As a matter of company policy, we do not comment on market rumors or speculation," while sources cautioned discussions are "very preliminary."
Mattel traded just above $15 per share on Thursday afternoon, after shares closed down 4% on Wednesday following the Lynch announcement.