Mattel is confident about its independent growth after the takeover rumor.

Mattel is confident about its independence after reports that private equity firm L Catterton approached the toy maker with a buyout offer.

"We do not comment on speculation," a Mattel spokesperson said in an email statement Monday. "We are confident in Mattel's strategy and our ability to create long-term shareholder value as an independent company."

Shares of Mattel, which makes Barbie and Uno, rose 17% to $19.01 at 1:54 p.m. in New York.

The stock is trading below its peak during the pandemic, when parents bought up products for their children as they were confined to their homes.

The company will report second-quarter earnings after the market closes on Tuesday. It posted a smaller-than-expected loss in the first quarter, helped by faster sales of Hot Wheels and lower costs.

Analysts expect Mattel's second-quarter sales to grow about 1%.

Media reports that L Catterton, backed by the LVMH Group, approached the company, which could attract other suitors, including rival Hasbro.

A Hasbro spokesperson declined to comment. L Catterton did not respond to a request for comment.