Shares of Mattel, Inc. (NASDAQ:MAT) are trading significantly higher Monday, following reports that private equity firm L Catterton has made an offer to acquire the iconic toy company. Additionally, Hasbro Inc. (NASDAQ:HAS) is reportedly considering submitting its own offer submission for Mattel.

What To Know: Mattel, known for its famous brands such as Barbie, Hot Wheel and Fisher-Price, could see changes in its strategic direction if acquired by L Catterton or Hasbro. Despite these reports, Yahoo Finance reporter Brian Sozzi posted on X (formerly Twitter) that a source familiar with the situation indicated that Mattel is not currently in any deal talks and has not been approached.

Mattel is also set to release its second-quarter earnings report tomorrow Tuesday July 23rd, after the market closes. Analysts are expecting revenue of $1.10 billion and earnings per share (EPS) of 17 cents.

MAT Price Action: Mattel shares were up by 16.0% at $18.74 according to Benzinga Pro.

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