Oaktree’s Makes Merger Overtures To Jakks – Again
In a somewhat mystifying development, renowned distressed debt investor Oaktree Capital Group LLC (NYSE:OAK) has proposed a revised confidentiality and standstill merger agreement to toy-maker JAKKS Pacific, Inc. (NASDAQ:JAKK). It may be noted that takeover negotiations between the two parties failed in June after a hostile takeover attempt by Oaktree Capital Group LLC (NYSE:OAK), following the rejection of its $20 a share offer that would have valued the deal at $670 million. JAKKS Pacific, Inc. (NASDAQ:JAKK) had also adopted a poison pill defense, to ward off the takeover. Talks were held between the two at the behest of investor Clinton Group Inc., but failed. Read...
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