According to CNNMoney, Mattel rejected the offer from Isaac Larian, CEO of MGA Entertainment Inc. (MGAE), to merge MGAE with Mattel and put himself at the head of the combined company. The news follows Larian’s recent attempt to save Toys “R” Us.

Larian released an exchange of letters with outgoing Mattel chairman Christopher Sinclair, in which Larian proposed MGAE and Mattel merge for an undisclosed price. Under the terms of the proposal, Larian would have been chairman and CEO of the combined company. Mattel rejected the idea.