Mattel Shares Rise Amid Reports of Takeover Interest From Authentic Brands Group
Shares of Mattel rose nearly 20% on Thursday following reports that Authentic Brands Group had expressed interest in acquiring the toy company. The Wall Street Journal cited sources indicating discussions for a potential deal valued at more than $20 per share, or around $6 billion or more. A source confirmed to CNBC that talks are ongoing but described them as preliminary. This news follows Mattel's announcement on Wednesday that Condé Nast CEO Roger Lynch will become its new chief executive officer in November 2024. Despite the leadership change, shares closed down 4% on Wednesday before rebounding sharply after takeover speculation emerged.
Tickers: $MAT
Topics: Corporate Governance Leadership Change Stock Market Reaction