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.

Technology reporter Eli Horowitz can be reached at [email protected]. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.