Shares of toymaker Mattel spiked nearly 16 percent in less than 20 minutes on Tuesday for no apparent reason.

The company did not release any news — although there were rumors that rival Hasbro made another offer for the struggling company.

In November, Mattel, the maker of Barbie, rebuffed an offer from Hasbro, according to a report from Reuters at the time.

On Tuesday, as investors bid up Mattel shares, there were rumors that the toymaker’s board had voted to in favor of pursuing such a bid from Hasbro, the maker of My Little Pony, “Star Wars” toys and board games like Monopoly.

Mattel CEO Margo Georgiadis, who took the job in February after leaving Google, persuaded the board to hold off and give her a little more time to execute a turnaround plan, said one source who had the unsubstantiated whispers.

A Mattel spokesman said it does not comment on rumor or speculation.

Mattel shares eventually closed at $17.76, up 10.4 percent. Hasbro shares closed up 4.1 percent, to $94.56.

Hasbro did not return calls.