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Oct 5 — A major shareholder of Mattel is calling for the Barbie Maker to explore strategic alternatives, including a potential sale, according to a letter seen by Reuters on Monday.
Ariel Investments, which holds a 5.4% stake in Mattel, said Mattel's shares remain significantly undervalued with its current structure as a public company.
"By our estimates, a strategic buyer would pay a significant premium to your current share price," Ariel Co-CEO John Rogers said in the letter to the company's board of directors.
In May, Mattel investor Southeastern Asset Management urged the company to explore options, including going private, or being acquired by rival Hasbro or a large media company that would value its IP assets better than the public market.
"Our board of directors and management team are committed to acting in the best interests of all shareholders and will consider the views expressed in Ariel Investments' letter, as well as the views of Mattel's other shareholders," Mattel said in an emailed response to Reuters.
(Reporting by Angela Christy and Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar)
