Jakks Pacific Inc's shareholder Clinton Group Inc has asked the toy maker's board to run an auction to sell the company, a week after Jakks took steps to resist takeover attempts.In September, Oaktree Capital Management, which owns 5 percent of Jakks stock, made public an unsolicited $20-a-share cash bid for the company.Jakks had rejected Oaktree's proposal, calling the $670 million bid "inadequate." Earlier this month, the company adopted a poison pill, which would trigger a rights agreement if any party bought 10 percent of its stock.Clinton Group, which along with its affiliates owns about 2.4 percent of Jakks' common stock, said in a letter to Jakks that it should review its options and consider the interest from Oaktree or any other party.
JAKKS Pacific, Inc. (JAKKS) is a toy company that designs, produces, markets and distributes toys and related products, pet toys, consumables and related products, electronics and related products, kids indoor and outdoor furniture, and other consumer products. Shares of JAKK fell by 1.14% or $-0.19/share to $16.55. In the past year, the shares have traded as low as $13.29 and as high as $21.21. On average, 211192 shares of JAKK exchange hands on a given day and today's volume is recorded at 405931.
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