Jakks Pacific mulls Jazwares takeover bid

Alleghany Corp., the insurance firm owner of Jazwares, reportedly offers 85 cents a share to buy strugglin Jakks Pacific

Written by Rhys Thomas

Posted 06.09.2019 | Business

Jakks Pacific mulls Jazwares takeover bid thumbnail

Jakks Pacific has reportedly received a takeover offer from Alleghany Corp., the parent company of Jazwares.

Bloomberg reports that Alleghany Corp., a New York based insurance and investment firm, this week put in a bid of 85 cents a share to purchase Jakks Pacific, valuing the company at around $27.7m.

Shares in Jakks Pacific have fallen nearly 70 per cent in the past 12 months.

The offer follows a slow start to the year for Jakks, which reported a 10 per cent slump in sales during the most recent quarter and a decline in net profit of more than a third to $17.7m.

In its most recent financial statment, reported last month, Jakks CEO Stephen Berman said he expected business to pick up in the back half of 2019, as products for Toys Story 4, Frozen 2 and the 30th anniversary of The Little Mermaid began to bear fruit.

But the company has recently been forced to deal with mounting debt, recapitalise and extend its debt obligations with an investment group led by Wells Fargo.

The company has also been tied up with the sale of additional outstanding shares to Meisheng, which would give the Chinese firm a 51 per cent stake in Jakks.

Toy Fair 2020 visitor registration now open thumbnail

Toy Fair 2020 visitor registration now open

The BTHA also announces the first ever influencer day, separate from the traditional media showcase on the opening morning

LEGO wants to Rebuild the World thumbnail

LEGO wants to Rebuild the World

New brand campaign launched today promotes creative problem solving and skills to help kids tackle tomorrow’s big issues

Warner options rights to a Funko movie thumbnail

Warner options rights to a Funko movie

Deadline reports the feature film will bring Funko’s signature Pop! Vinyl figures to life on the big screen

Press Releases

DKL readies for moon landing celebrations thumbnail

DKL readies for moon landing celebrations

New Plus-Plus space range is ideal to commemorate this year’s 50th anniversary of the historic achievement

Smart launches Smart Farmer thumbnail

Smart launches Smart Farmer

Lastest launch gives little ones an agricultrual qunadry to puzzle over and get their brains moo-ving

Smiles for Zimpli emoji range thumbnail

Smiles for Zimpli emoji range

A crowd pleaser at Toy Fair, Zimpli’s new emoji-licensed poop-shaped slime and Baff Bombz range is anything but a stinker

Rachel Lowe delivers Call the Midwife board game thumbnail

Rachel Lowe delivers Call the Midwife board game

Game creator Rachel Lowe adapts the hit TV show in licensed board game – launching just in time for Mother’s ...