made another appeal to the board of Coast Distribution System Inc., expressing its desire to enter into good-faith negotiations to buy the Morgan Hill-based supplier of parts for recreational vehicles. The El Segundo-based distributor of parts for motorcycles and boats said in a letter to Coast's board that it was disappointed to learn on Feb. 3 that Coast had rejected its unsolicited offer from December to buy the company for $7.70 per share in cash, or about $34.1 million.
Bell also said it was surprised that Coast had adopted a shareholders rights plan to protect stockholders from unfair or coercive takeover attempts in response to its bid. Bell said it wants "to negotiate a transaction on a friendly basis" but that Coast's financial advisor, Seven Hills Partners LLC, has refused to evaluate the offer and begin a due-diligence review.
- Trio-Tech International reported second-quarter net income of $8.4 million ($2.76 per share), compared with a loss of $100,000 (3 cents) for the same period a year earlier. Revenue for the Van Nuys-based semiconductor testing company rose 34 percent to $7.4 million from $5.5 million in the year-prior period.
- Jakks Pacific Inc. signed a licensing agreement with MGM Consumer Products to develop and manufacture a line of toys based on the "Rocky" movies. Financial details of the deal were not disclosed. The Malibu-based toymaker's Boys Action division plans to develop action figures, play sets, accessories, role-play items and sports toys based on Rocky and the characters from the films, to coincide with the 30-year anniversary and DVD launch of Rocky in the fall, followed by the release of the movie "Rocky Balboa" in December.
For reprint and licensing requests for this article, CLICK HERE.