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Mattel Shares Surge 20% After L Catterton Buyout Offer: Reuters

Jul 22, 2024, 05:11 PM

Private equity firm L Catterton, backed by luxury goods giant LVMH, has approached U.S. toy maker Mattel with an acquisition offer, according to sources. The news, reported by Reuters on Monday, led to a significant rise in Mattel's stock, which jumped nearly 20%. Despite the reports, Mattel has stated that it is confident in its strategy as a standalone company and dismissed the takeover approach. The company's spokesperson reiterated that Mattel is not in any deal talks and has not been approached. Mattel's rival, Hasbro, also saw a slight increase in its stock price following the news. Mattel is known for its popular Barbie brand.