Mattel shares rise 4% after WSJ reports activist interest
Shares of Mattel
MAT,
traded higher late on Thursday after The Wall Street Journal reported activist investor Barington Capital had built an undisclosed stake in the company.
The stock rose 4.3% to $19.05 in after-hours trading. Shares are down 14% in the last year.
On Thursday, the WSJ reported that Barington sent a letter to Mattel Chief Executive Ynon Kreiz telling him the company should pursue strategic alternatives for its Fisher-Price and American Girl businesses.
Barington founder James Mitarotonda also said in the letter that the toymaker should pull back on stock-based compensation and launch a $2 billion share buyback.
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