Jakks Says Oaktree Ends Talks on Confidentiality Pact
Jakks Pacific Inc. (JAKK) said Oaktree Capital Management LP ended negotiations on a confidentiality and standstill agreement about a potential takeover of the toymaker.
Oaktree is unwilling to accept terms Jakks has asked for and remains open to future discussions, according to a letter Malibu, California-based Jakks included in a U.S. Securities and Exchange Commission filing today.
Jakks agreed in April to meet with Los Angeles-based Oaktree and said it would add two independent directors. Sales at the maker of action figures, electronics and dolls have fallen for three straight years.
Jakks dropped 0.5 percent to $18.53 on June 15. The shares have gained 31 percent this year.
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