MGA Entertainment CEO Isaac Larian said on CNBC's Closing Bell that toymaker Mattel will be bankrupt "shortly, within a year or so" after the company rejected MGA's takeover.

Larian made a proposal in May that would make him Mattel's chairman and CEO, but the offer was rejected last week, according to Reuters. It is unclear how much MGA offered for the company, which has a market cap of just over $4 billion.

Much of Larian's criticism was directed at Mattel's board.

"They have nobody from the toy business on that board except one guy who ran a company called Top Toys in Denmark, and Top Toys went into complete liquidation," Larian said.

Last year, Larian tried to buy part of bankrupt toy retailer Toys R Us but was rejected.

Larian also told CNBC that he thought Mattel was worth $6 per share. The maker of Barbie finished trading at $11.73 per share on Thursday, recovering from a sharp drop following Larian's comments.