Mattel attracts takeover interest from Authentic Brands Group, WSJ reports

Mattel's stock skyrocketed by 23% on Thursday after a report surfaced that the toy manufacturer has caught the eye of potential acquirer, Authentic Brands Group. The Wall Street Journal disclosed that Authentic Brands Group has been in private talks with Mattel, potentially valuing the company above $20 per share or roughly $6 billion.

This comes as Mattel's shares have dropped over 33% this year, hitting a market value of approximately $3.6 billion on Wednesday. Authentic Brands Group's offer is a whopping 58% premium over Wednesday's closing price.

Mattel recently announced that Condé Nast CEO Roger Lynch will take over as the company's new CEO, succeeding Ynon Kreiz, who is departing to become co-CEO of Paramount. Lynch will assume the CEO role within the next month, succeeding Lynch who currently serves on the board. However, there is no assurance that Mattel will accept Authentic Brands Group's offer or that a deal will be reached.

Another potential buyer for Mattel may also arise, complicating any potential transaction as Lynch develops his strategy for the company. As of now, a formal sale process for Mattel is not in the works.