Mattel stock jumps as Authentic Brands signals interest in takeover
Mattel shares climbed to $15.27 after reports that Authentic Brands is discussing a purchase valuing the toy maker at over $6 billion.
A report, based on people familiar with the matter, says Authentic Brands has made an approach and is privately negotiating an offer that could value Mattel at above $20 a share, translating to roughly $6 billion or more. Following the report, Mattel’s stock rose to $15.27. In related news, the company confirmed that Roger Lynch, a board member and CEO of Conde Nast, will become Mattel’s chief executive on Oct 2.
Current CEO Ynon Kreiz will step down to serve as co-CEO of Paramount Skydance starting Oct 5, as announced by Paramount. Authentic Brands, founded by Jamie Salter, has built a portfolio that includes Reebok, Brooks Brothers and one outlet, and typically acquires distressed brands. Both companies declined to comment when approached for remarks.
Why it matters
The potential deal could reshape the toy industry and affect shareholders, while a leadership change signals strategic shifts at Mattel.
In this story
Related stories
2 in this thread