Jakks Pacific Inc. said late Thursday that Oaktree Capital Management LP apparently is still interested in making a bid for the Malibu toymaker, even though it has sold off what had been a growing stake in the company.

After the markets closed, Jakks disclosed in a regulatory filing that on August 13 it received from Oaktree the revised draft of a proposed agreement covering confidentiality terms and a “standstill” agreement. Such agreements typically restrict prospective suitors from accumulating shares or taking other actions of a hostile nature during negotiations.

Jakks said it also received a separate letter, from Oaktree's financial advisor, stating that Oaktree had sold all of its Jakks shares. Oaktree had held about 6 percent of Jakks at the time negotiations broke off in June. Oaktree, based in downtown Los Angeles, is a private equity firm.

Jakks did not indicate how it would respond to Oaktree’s latest overture. The company in October rejected a $20-a-share offer from Oaktree, but it agreed to talks in April. Jakks wanted Oaktree to sign standstill and confidentiality agreements before it would open its books, which Jakks said would demonstrate that Oaktree’s bid undervalued the company.

Jakks shares closed down 23 cents, or 1.4 percent, to $16.09 on the Nasdaq and were unchanged in after-hours trading.

For reprint and licensing requests for this article, CLICK HERE.