Mattel ends Authentic Brands takeover process without a definitive sale agreement

Assume Mattel publicly rejects, terminates, or otherwise ends the takeover process involving Authentic Brands Group by 2026-11-15 without entering a definitive sale agreement with Authentic Brands. This includes a Mattel board decision to remain independent, a public statement that discussions with Authentic Brands have ended, or announcement of a materially different strategic transaction that precludes an Authentic Brands acquisition. The known reported proposal backdrop remains more than $20 per share and roughly $6 billion or more, but no specific breakup fee, alternative transaction size, capital-return plan, or operating change is assumed unless disclosed.