Mattel shares rise after reports of takeover interest from Authentic Brands Group
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Shares of Mattel rose nearly 20% onThursday after the Wall Street Journal reported that the toymaker had attracted takeover interest from Authentic Brands Group.
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The brand licensing company has privately discussedan offer that could value Mattel at more than $20 per share, or about $6 billion, 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 person asked not to be named because the discussions are private. 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.
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Authentic declined to comment.
News of Authentic’s takeover interest follows Mattel’s Wednesday announcement that Condé Nast CEO Roger Lynch will take over as itsnext CEO. 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 as CEO by Nov. 2. He will succeed Ynon Kreiz, who has been named co-CEO of Paramount and Warner Bros. Discovery.
