- Mattel shares rose Thursday after the Wall Street Journal reported that Authentic Brands Group had expressed takeover interest.
- The news came the day after the toymaker announced that Condé Nast CEO Roger Lynch would take over as CEO.
- A source familiar with the matter told CNBC talks are preliminary.
In this article
Follow your favorite stocksCREATE FREE ACCOUNTBarbie dolls are seen in a store at Fiumicino Airport in Rome on March 28, 2024. Jakub Porzycki | Nurphoto | Getty ImagesShares of Mattel rose nearly 20% onThursday after the Wall Street Journal reported that the toymaker had attracted takeover interest from Authentic Brands Group.
The brand licensing company has privately discussedan offer that could value Mattel at more than $20 per share, or around $6 billion or more, the Journal reported, citing people familiar with the matter. Mattel traded just above $15 per share on Thursday afternoon.
A personfamiliar with the talksconfirmed to CNBC that there are discussions, but cautioned that they are very preliminary. The source added that the overture makes sense because Authentic has interest in entertainment properties, particularly those tailored to kids.
"As a matter of company policy, we do not comment on market rumors or speculation," a Mattel spokesperson said.
Authentic declined to comment.
This news follows Mattel's Wednesday announcement that Condé Nast CEO Roger Lynch will take over as itsnext CEO. After that news, shares of Mattel closed down 4% on Wednesday.
Lynch, who has been a member of Mattel's board since 2018, will start as chairman on Oct. 2 and CEO by Nov. 2. He will succeed Ynon Kreiz, who plans to become co-CEO of Paramount and Warner Bros. Discovery.
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.