Business Wire

JAKKS Pacific Announces Receipt of Additional Expression of Interest

Share

JAKKS Pacific, Inc. (NASDAQ: JAKK) (the “Company”) announced today that it has received an additional non-binding expression of interest to acquire all of the shares of the Company’s common stock for an indicated price of between $0.85-$0.90 per share on a fully diluted basis.

As previously announced in the Current Report on Form 8-K filed on August 9, 2019 announcing the Company’s successful conclusion of the Recapitalization (as defined therein) transaction with the Ad Hoc Group (as defined therein), Oasis (as defined therein) and Wells Fargo (as defined therein), the Company continued to engage in discussions with another party that previously made a non-binding proposal to acquire all of the shares of the Company’s common stock for an indicated price of $0.80 per share on a fully diluted basis. Also as previously announced in such Current Report, such discussions were in addition to the prior negotiations with Hong Kong Meisheng Cultural Company Limited (“Meisheng”) regarding its proposed purchase of newly issued shares of the Company’s common stock, and followed delays in achieving the necessary approvals for the Meisheng transaction, including approvals from Chinese regulatory authorities.

The Company and its advisors have engaged in discussions with the interested parties regarding the non-binding proposals and have furnished information to them in connection with due diligence activities. All such recent discussions are in their early stages and no agreements or understandings have been reached with respect to such proposals, and the indicated prices described above may also change in a final offer, if made.

Stephen Berman, CEO and co-founder of the Company, noted that “As I have said, the Recapitalization transaction allowed us to continue to pursue our business objectives with renewed vigor and resolve. We remain committed to executing our business plan in the months and years ahead. At the same time, however, the Company is exploring the alternative transactions described in this announcement.”

No assurance can be given that the ongoing discussions and negotiations described above will result in a consummation of a transaction with any of the parties identified above, or with any other party, and that even if a transaction is consummated, that its final terms will resemble the terms described above.

Forward Looking Statements

This press release may contain “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS Pacific's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses.. The “forward-looking statements” contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.

About JAKKS Pacific, Inc.

JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific’s popular proprietary brands include MorfBoard®, Perfectly Cute®, Squish-Dee-Lish™, TP Blaster®, Disguise®, Moose Mountain®, Funnoodle®, Maui®, Kids Only!®; a wide range of entertainment-inspired products featuring premier licensed properties; and C’est Moi®, a youth skincare and make-up brand. Through JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@jakkstoys), Twitter (@jakkstoys) and Facebook (JAKKS Pacific).

©2019 JAKKS Pacific, Inc. All rights reserved

Contact information

JAKKS Pacific
Rachel Griffin
RGriffin@jakks.net
424-268-9553

Gateway
Sean McGowan
smcgowan@gatewayir.com
949-574-3860

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Velodyne Shows Velarray Lidar in Sleek Car Designs at IAA 2019 Conference14.9.2019 19:39:00 CESTPress release

Velodyne Lidar, Inc. (Hall 8.0, Booth A13) is showcasing the pristine integration of Velarray lidar sensors into consumer vehicles to make currently available, high-end electric vehicles safer at the IAA 2019 Conference. Velodyne has addressed the market need for lidar technology that enables high-level Advanced Driver Assistance Systems (ADAS) for safe navigation and collision avoidance, all within a compact form factor. The lidar is situated behind the vehicle’s windshield for streamlined, flawless integration. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190914005023/en/ Can you see the lidar? The Velarray is embedded in a sleek electric car at IAA 2019 (Hall 8.0, Booth A13). (Photo: Velodyne Lidar) Velodyne booth visitors can see how the Velodyne Velarray™ sensors are beautifully integrated into sleek, high-end vehicles, maintaining their aerodynamic design. The Velarray’s small, embeddable form factor is a powerful so

Insurance Leaders and Visa Digitize Claims Payouts for Individuals and Businesses When They Need It Most13.9.2019 14:37:00 CESTPress release

Emergencies like car collisions or natural disasters come when people least expect them, leaving individuals unprepared to complete insurance forms, confirm claim estimates, and pay repair shop and medical expenses. During these times, quick access to funds is critical. Visa is committed to working with innovative companies in the insurance industry to help turn outdated and time-consuming processes associated with insurance claim payouts into near real-time1 access to payments when individuals, families and businesses need them the most. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190913005323/en/ Visa Direct powers real-time insurance payouts, providing people access to their funds when they need it most. (Graphic: Business Wire) “Visa believes that money shouldn’t be a stressor in moments of crisis and waiting on average six to 10 days to access the money from insurance checks, is outdated, frustrating and costly to th

Wipro Positioned as a Leader in the IDC MarketScape for Utilities Customer Experience, Worldwide13.9.2019 12:55:00 CESTPress release

Wipro Limited (NYSE: WIT) (BSE: 507685) (NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has been positioned as a leader in the IDC MarketScape: Worldwide Professional Services Firms for Utilities Customer Experience 2019 Vendor Assessment (doc #US42713318, July 2019). Wipro has been recognised for key strengths including provider of fast as-a-service implementations of IT systems, for Utilities and cost-effective quality of service delivery models. The study evaluated the Utilities Customer Experience (CX) transformation and digital capabilities of 15 service providers and mapped them based on strategies, capability and market impact related parameters. Key Highlights include- The report notes Wipro’s internal program aimed at comprehensively addressing the challenges faced by utilities. Selected employees are assigned to one of six "domain tribes" — customer services, network operations, new energy servic

Jefferies to Hold Global Relief Day in Support of Hurricane Relief in the Bahamas, Monday, September 1613.9.2019 12:00:00 CESTPress release

Jefferies confirmed that the firm’s global trading day for Hurricane Dorian relief efforts in the Bahamas will be held on Monday, September 16. Jefferies will offer investors around the world the opportunity to join efforts to assist those affected by the devastation of this event by trading with Jefferies. As previously announced, Jefferies will donate all net trading commissions on Monday, September 16, from U.S., European and Asia equity, fixed income and foreign exchange trading. In addition, Jefferies will donate an additional $1 million itself, and all 3,656 employees worldwide will be given the opportunity to personally donate to the relief effort. These contributions will be allocated to a series of charities with the goal of quickly getting funds to relief efforts directly involved in the rescue and recovery efforts. Rich Handler, Chairman and Chief Executive Officer of Jefferies, and Brian Friedman, Chairman of the Executive Committee, commented: "All of us at Jefferies are d

 Knopp Biosciences to Present Data Characterizing Its Kv7 Technology Platform’s Potential for Delivering Precision Medicines to Treat Diverse Neurological and Smooth Muscle Diseases13.9.2019 10:00:00 CESTPress release

Knopp Biosciences LLC today reports data demonstrating that compound subgroups from its proprietary library of potassium-channel modulators selectively target Kv7 channel subtypes associated with a wide range of neurological and smooth muscle diseases. The data is being presented at the International Kv7 Channels Symposium 2019 in Naples, Italy. Presentation Title: The Re-emergence of Kv7 Drug Discovery Presenter: Michael Bozik, M.D., CEO, Knopp Biosciences Date & Time: September 13, 4:35 pm CEST Michael Bozik, M.D., Chief Executive Officer of Knopp, will present the data derived from the Company’s proprietary library of more than 3,000 novel compounds directed to modulating the Kv7 channel, which regulates the flow of potassium ions across cell membranes. The data demonstrate that specific subgroups of Kv7 compounds selectively modulate different Kv7 channel subtypes across ranges of channel activation and inhibition, enabling selection of compounds capable of targeting neurological d

PenSam Selects Moody’s Analytics Economic Scenario Generator to Support New Risk Modeling Framework13.9.2019 09:00:00 CESTPress release

Moody’s Analytics, a global provider of financial intelligence, announced today that its software has been selected by PenSam, one of Denmark’s leading labor market pension and insurance firms. PenSam will be using the Moody’s Analytics Economic Scenario Generator (ESG) for actuarial liability valuations, risk management, strategic asset allocation, and asset and liability management (ALM). The Moody’s Analytics ESG is an award-winning simulation framework which clients deploy in areas such as actuarial reporting, risk and capital calculation and analysis, and investment and ALM analysis. PenSam will also take advantage of the Moody’s Analytics Automation Module, which allows insurers to streamline their modeling processes by automating model set-up, execution, and validation, in turn reducing production time and cost. “The Danish pensions and insurance market is going through a period of change, with insurance companies across the country reassessing their risk management frameworks a