Mattel has attracted takeover interest from brand licensing company Authentic Brands Group, which has discussed a potential offer that could value the toy maker at more than $6 billion, according to The Wall Street Journal.

Authentic has approached Mattel and privately discussed an offer of more than $20 a share, people familiar with the matter told WSJ.

“There is no guarantee Mattel will accept the approach or that the two companies will reach a deal, and a formal sale process is not currently underway,” the sources said.

The reported interest comes as Mattel prepares for a leadership transition and faces pressure from investors to improve performance.

Roger Lynch, who already serves on Mattel’s board, will become chairman and CEO within the next month, succeeding Ynon Kreiz, who is leaving the company to become co-CEO of Paramount.

Mattel has also been expanding beyond its traditional toy business through a broader push into entertainment.

At the same time, the company has faced calls to ‘unlock more value’ from its portfolio, with some analysts arguing that its individual brands could be worth more than the company’s current market valuation.

Investor Southeastern Asset Management has also urged Mattel to consider raising capital from a private equity investor or pursuing a sale.

According to The Wall Street Journal, acquiring Mattel would align with Authentic Brands’ strategy of buying, managing, and expanding well-known consumer brands and intellectual property.