Shares of Jakks Pacific fell more than 10 percent early Thursday after the company said it will purchase only about 16 percent of the shares tendered in a stock buy-back offer.

The Malibu toy company announced a self-tender offer last month. Jakks said it would purchase 4 million shares for $20 each.

That $20 price matched the one made by Los Angeles private equity firm Oaktree Capital in September, but Jakks rejected that offer as too low.

Jakks said Thursday that shareholders offered to sell 22.6 million shares – or nearly all outstanding shares. Since the company had agreed to purchase only 4 million shares, the result is that 15.8 percent of all tendered shares will be purchased.

Reuters quoted Edward Woo, an analyst at Ascendiant Capital Markets in Irvine, saying investors are disappointed and are selling the shares the company won’t buy.

By late morning, shares of Jakks traded at $16.06, down $2.02 or 11 percent, on the Nasdaq.