SANTA MONICA, Calif.--(BUSINESS WIRE)--Mar. 26, 2018--
JAKKS Pacific, Inc. (NASDAQ: JAKK) announced today that the special
committee of the Board of Directors (the “Special Committee”)
established to review and evaluate the non-binding proposal (“Expression
of Interest”) dated January 25, 2018 from Hong Kong Meisheng Cultural
Company Limited (“Hong Kong Meisheng”), a wholly owned subsidiary of
Meisheng Cultural and Creative Corp. (collectively, “Meisheng”), has
engaged and is actively working with Bank of America Merrill Lynch, its
outside financial advisor, and Skadden, Arps, Slate, Meagher & Flom,
LLP, its outside legal advisor. The Special Committee consists of Rex H.
Poulsen, Michael S. Sitrick and Michael J. Gross.
As previously announced by the Company on January 28, 2018, the
Expression of Interest sets forth Meisheng’s interest in acquiring
additional shares of JAKKS common stock for $2.95 per share. Upon
completion of the proposed transaction, Meisheng’s shareholdings and
voting rights would increase to 51%. Hong Kong Meisheng currently owns
5,239,538 shares of JAKKS common stock constituting approximately 18% of
JAKKS issued and outstanding shares of common stock.
In addition to its review and evaluation of the Expression of Interest,
the Special Committee has been authorized to negotiate with Meisheng on
behalf of the Company, consider other potential strategic alternatives,
and solicit and consider alternative transactions.
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 BIG-FIGS™, XPV®, Max Tow™, 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).
©2018 JAKKS Pacific, Inc. All rights reserved
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 and beliefs 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 historical
results or current expectations due to numerous factors, including, but
not limited to, risks related to the Company’s review and evaluation of
the expression of interest made by Hong Kong Meisheng Cultural Company
Limited, the Special Committee’s consideration of other potential
strategic alternatives or the potential solicitation of alternative
transactions, and the effect that the announcement of such activities
may have on the Company’s relationships with its customers, suppliers,
partners, operating results and business generally. Our SEC reports,
including our Form 10-K for the fiscal year ended December 31, 2017,
contain other factors that could affect our financial results and cause
actual results to differ materially from any forward-looking information
we may provide. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180326005271/en/
Source: JAKKS Pacific, Inc.
JAKKS Pacific
Rachel Griffin, 424-268-9553
RGriffin@jakks.net
or
Lioios
Sean
McGowan, 949-574-3860
JAKK@liolios.com