NEWS

Jazwares owner makes bid for Jakks Pacific

Published on: 6th September 2019

The offer values Jakks at about $27.7m, based on its outstanding share count.

The Los Angeles Times has reported that Alleghany Corp., Jazwares’ parent company, has made an offer to buy Jakks Pacific for 85 cents a share. According to the report, no decision has been made, and Alleghany could decide not to proceed with its bid.

Jakks Pacific rose as high as 95 cents a share yesterday, closing at 75 cents – giving the company a market value of about $24.9 m. The company, which had about $161m in long term debt at June 30th, has seen its shares fall around 69% over the past year.

Representatives for Jakks Pacific and Alleghany have so far declined to comment on the story.

The report also suggests that Jakks has been open to a bid for most of this year, after shareholder Meisheng Cultural and Creative Corp. of China offered to buy 51% of its shares. In June, Jakks Pacific said it was continuing to “explore alternative transactions,” according to a regulatory filing.

Alleghany, based in New York, is an insurance company which uses income from its insurance policies to make acquisitions in other sectors. It acquired a stake in Jazwares in 2014 and owned 77% of the company at the end of 2018, according to its most recent annual report.

RECENT ARTICLES

Geoff Sheffield joins The Entertainer

Argos to reopen 140 of its standalone stores

Kids@Play completes move to new site

Hong Kong extends visitor travel ban by three months

Bandai readies for relaunch of Harumika

Playmobil reveals latest Back to the Future toys

Kids India 2020 has been cancelled

Exclusive: NPD on changing consumer habits during Covid-19 lockdown

Exclusive: Toy World talks family matters with Wicked Uncle

Intu polls shoppers ahead of reopening