Certain funds and accounts managed by Oaktree Capital Management have made a proposal to acquire all outstanding shares of JAKKS Pacific, Inc’s common stock for USD20.00 per share in cash, representing a total equity value of approximately USD670 million on a fully diluted basis.
The offer represents a 25% premium over the Company’s closing stock price as of 13 September, the 30-day average closing price of the Company’s stock leading up to September 13, and the average closing price of the Company’s stock over the preceding 24 months.
The Oaktree Funds are making the proposal public after the JAKKS Board’s continued refusal to engage in meaningful discussions about the options available for maximising shareholder value at JAKKS, including an acquisition by the Oaktree Funds. The Oaktree Funds are among JAKKS’ largest shareholders, with a current collective stake of approximately 4.9% of JAKKS common shares.
