Jakks Pacific Inc. (Nasdaq: JAKK) shares rose 22.5% to a price of $19.60, a day after Oaktree Capital Management Funds sent a letter to the toy manufacturer offering to acquire it for $20 a share. Volume for the stock measured 3.2 million shares near Wednesday’s close, compared to a daily average of less than 197,000.
A news release dated Sept. 13 stated that the offer represents a 25% premium over the Company’s closing stock price as of September 13, 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.
Jakks CEO Stephen Berman notified Oaktree this morning that the company board of directors is mulling over the offer.
The Malibu-based Jakks Pacific, Inc. is a leading designer and marketer of toys and consumer products, with a wide range of products that feature some of the most popular brands and children’s toy licenses in the world.