Major Mattel shareholder pushes for sale of toymaker

Ariel Investments, a prominent shareholder of toy company Mattel, has urged the company to explore strategic alternatives, including the possibility of a sale, according to a letter seen by Reuters. In the letter, Ariel's Co-CEO John Rogers stated that Mattel's shares are currently significantly undervalued given its structure as a publicly traded company. Rogers estimated that a strategic buyer would pay a substantial premium above the current share price.

Mattel's board of directors and management team have pledged to act in the best interests of all shareholders and will consider the perspectives presented in Ariel Investments' letter, as well as those of other shareholders. The company responded to Reuters via email regarding the letter.