JAKKS Pacific (JAKK) Announces 4M Common Tender at $20/Share
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JAKKS Pacific, Inc. (Nasdaq: JAKK) has commenced an offer to its shareholders to purchase up to 4,000,000 shares of its common stock at a price of $20 per share.
Stephen Berman, Chief Executive Officer and President and a Director of the Company, commented that "The Board and management of JAKKS remain committed to their goal of maximizing shareholder value, and are confident that this self-tender is in furtherance of that goal."
The self-tender offer will expire at midnight, New York City time, on June 27, 2012, unless it is extended or withdrawn. The self-tender offer is not conditioned upon obtaining any minimum number of shares of common stock being tendered; however, it is subject to certain terms and conditions set forth in the offer to purchase for the self-tender and related materials that the Company will send to its shareholders.
While the Company's Board of Directors has authorized the self-tender offer, it has not, nor has the Company or the dealer manager, the information agent or the depositary for the self-tender offer, made any recommendation to the Company’s shareholders as to whether to tender or refrain from tendering their common stock. Shareholders must make their own decision as to whether to tender their common stock and, if so, how many shares of common stock to tender. Shareholders are urged to discuss their decision with their tax advisors, financial advisors and/or brokers.
BofA Merrill Lynch serves as dealer manager, Innisfree M&A Incorporated serves as information agent and Computershare Trust Company, N.A. serves as depositary for the self-tender offer.
Stephen Berman, Chief Executive Officer and President and a Director of the Company, commented that "The Board and management of JAKKS remain committed to their goal of maximizing shareholder value, and are confident that this self-tender is in furtherance of that goal."
The self-tender offer will expire at midnight, New York City time, on June 27, 2012, unless it is extended or withdrawn. The self-tender offer is not conditioned upon obtaining any minimum number of shares of common stock being tendered; however, it is subject to certain terms and conditions set forth in the offer to purchase for the self-tender and related materials that the Company will send to its shareholders.
While the Company's Board of Directors has authorized the self-tender offer, it has not, nor has the Company or the dealer manager, the information agent or the depositary for the self-tender offer, made any recommendation to the Company’s shareholders as to whether to tender or refrain from tendering their common stock. Shareholders must make their own decision as to whether to tender their common stock and, if so, how many shares of common stock to tender. Shareholders are urged to discuss their decision with their tax advisors, financial advisors and/or brokers.
BofA Merrill Lynch serves as dealer manager, Innisfree M&A Incorporated serves as information agent and Computershare Trust Company, N.A. serves as depositary for the self-tender offer.
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