L Catterton, the private equity firm backed by luxury goods giant LVMH, has approached Mattel, the toy maker behind Barbie and Hot Wheels, with an acquisition offer, people familiar with the matter said Monday.

The move could prompt other potential suitors to consider bids for Mattel, including rival Hasbro, which has become aware of L Catterton’s approach and is discussing whether it should also submit an offer, one of the sources said. Hasbro and Mattel have held unsuccessful merger talks over the years.

The sources cautioned that there is no certainty L Catterton’s approach will push Mattel into exploring a sale and asked not to be identified because the matter is confidential.

A Mattel spokesperson said the company does not comment on rumors or speculation. Hasbro also declined to comment, while L Catterton did not respond to a request for comment.

Mattel shares jumped 20% to $19.49 following the Reuters report of the approach, giving the toy maker a market value of $6.5 billion. Hasbro shares rose 4% to $61.25.

Mattel has been turning to media partnerships to offset tepid demand for its toys. Despite the commercial success and acclaim of the Barbie movie released last year, its shares had lost 23% of their value in the last 12 months, as investors fretted about Mattel’s profitability and handling of unprofitable toy franchises.

The El Segundo, California-based company posted a smaller-than-expected loss for the first quarter in April, helped by its tight leash on costs while it grapples with weak sales.

Activist investor Barington Capital in February called on Mattel to pursue changes, including exploring options for its Fisher-Price and American Girl brands and separating the roles of CEO and chairman.

L Catterton, which has $34 billion in assets under management, has made more than 250 investments in consumer brands since its launch in 1989, according to its website. In 2016, the firm partnered with LVMH and the family office of LVMH CEO Bernard Arnault, and sold a stake to them.

Hasbro has also taken steps to reduce expenses.

The Play-Doh maker reported a smaller-than-expected drop in first-quarter sales in April and handily beat profit estimates, helped by leaner inventories and steady digital gaming revenue.

Its shares have performed better than Mattel’s, down 9% in the last 12 months.