The maker of Barbie dolls and Uno cards has reportedly received a buyout offer from L Catterton, the private equity firm backed by French luxury goods giant LVMH.

The move which was first reported by Reuters has shocked the market as there were no indications that Mattel was open to being acquired.

The speculation drove Mattel’s share up 20 per cent on Monday, giving the company a valuation of approximately A$9.79 billion.

Its shares ended the day at approximately A$28.13, up around 12 per cent from Friday’s closing.

The sources who spoke of Mattel being approached by L Catterton cautioned that there is no certainty that the PE firm’s approach will even nudge Mattel into potentially exploring a sale.

Mattel issued a statement saying that it was confident about its path as a standalone business. “We do not comment on speculation,” a Mattel spokesperson said in an emailed statement Monday. “We are very confident in Mattel’s strategy and our ability to create long-term shareholder value as a standalone company.”

Analysts have speculated that L Catterton’s offer could prompt others to make an offer to acquire Mattel.

Mattel’s rival Hasbro has over the years held unsuccessful merger talks with Mattel. The two companies reached a partnership agreement last year to create co-branded toys and games of some of their most popular brands including Barbie-branded Monopoly games and Transformers-branded UNO games.

Despite the success of the Barbie movie released last year, Mattel’s shares lost 23 per cent of their value in the last 12 months, as investors worried about its profitability and handling of unprofitable toy franchises.

Mattel will report second-quarter financial results after markets close on Tuesday. In the first quarter, it posted a loss that was smaller than what Wall Street had predicted, thanks to faster sales of its Hot Wheels miniature cars and lower costs. For the second quarter, analysts expect Mattel’s sales to rise by about 1 per cent.

L Catterton, which has A$51.23 billion in assets under management, has made more than 250 investments in consumer brands since its launch in 1989. In 2016, it partnered with LVMH and the family office of LVMH CEO Bernard Arnault, selling a stake to them.