Mattel shares surge on report of takeover interest
Authentic Brands Group has reportedly been privately discussing an offer valuing Mattel at more than US$20 a share, or around US$6 billion or more.
Mattel's stock surged on Thursday after a report surfaced that licensing giant Authentic Brands Group had shown interest in acquiring the toymaker. Authentic Brands has made an offer to purchase Mattel, valuing the company at over US$20 per share, or potentially around US$6 billion, according to a Wall Street Journal report citing anonymous sources. This news sent Mattel's shares up by 20.6% to US$15.27, near 1920 GMT.
Mattel, a leading toymaker known for brands such as Barbie, Fisher-Price, Hot Wheels, and Thomas & Friends, recently announced that Roger Lynch, CEO of Conde Nast and a member of the Mattel board, would take over as CEO starting October 2. Ynon Kreiz, the current CEO, will step down to serve as co-CEO of Paramount Skydance, effective October 5, as announced by Paramount.
Authentic Brands, founded by Jamie Salter, has been expanding rapidly by acquiring brands often from companies facing difficulties. The company's portfolio includes well-known names like Reebok, Brooks Brothers, and Sports Illustrated. Following a May announcement that Salter would become executive chairman while Matt Maddox was promoted to CEO, Authentic Brands seems to be making strategic moves in the licensing industry.
However, neither Mattel nor Authentic Brands responded to requests for comment on the takeover interest.
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