Shares of Mattel rocketed higher Thursday following a report the toymaker had attracted takeover interest from licensing giant Authentic Brands Group.
Privately-held Authentic Brands “has made an approach” and been “privately discussing an offer” valuing Mattel at more than US$20 a share, or around US$6 billion or more, according to a Wall Street Journal report that cited people familiar with the matter.
Shares of Mattel were up 20.6% to US$15.27 near 1920 GMT.
Mattel, whose brands include Barbie, Fisher-Price, Hot Wheels and Thomas & Friends, announced on Wednesday that Roger Lynch, CEO of Conde Nast and a Mattel board member, would become chief executive from Oct 2.
The company’s current chief, Ynon Kreiz, is stepping down to serve as co-CEO of Paramount Skydance, effective October 5, according to a Paramount announcement.
Neither Mattel nor Authentic immediately responded to a request for comment.
Under founder Jamie Salter, Authentic Brands has grown into a powerhouse by acquiring brands, often from companies in distress. Its holdings include Reebok, Brooks Brothers and Sports Illustrated. The company makes licensing deals with manufacturers, retailers and other partners.
In May, Authentic announced that Salter would transition to executive chairman, while promoting Matt Maddox to CEO.
