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.
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