Jakks Pacific Inc. is working with Bank of America Merrill Lynch and outside legal advisor Skadden, Arps, Slate, Meagher & Flom to review a recent acquisition offer and begin negotiations.
The Santa Monica-based toy manufacturer and marketer received an offer on Jan. 28 from Hong Kong-based Meisheng Cultural Co. Ltd. to acquire a majority stake in the company. The deal would have Meisheng increase its shareholdings and voting rights to 51 percent from 18 percent by purchasing additional shares at $2.95 per share.
In addition to its evaluation of the Meisheng expression of interest, Jakks’ special committee has been authorized to negotiate with the Hong Kong company on behalf of Jakks.
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