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.