Privately held toymaker Just Play is close to buying troubled rival JAKKS Pacific Inc. in a proposed deal that is backed by private equity firm Centerbridge Partners LP, Bloomberg News reported Oct. 8, citing people familiar with the matter.
Sources told the news outlet that Just Play is in exclusive talks to buy JAKKS in a deal worth 80 cents to 90 cents per share.
In September, JAKKS disclosed that it received an offer to buy the company for 85 cents to 90 cents per share. Bloomberg reported at the time that the offer was made by Alleghany Corp., the New York-based owner of JAKKS rival Jazwares LLC. The news outlet's sources also said at the time that Just Play was also interested in buying Jazwares.
Most recently, Bloomberg's sources reportedly said the talks between JAKKS and Just Play could fall through.
Just Play declined to comment to the news outlet, while JAKKS and Centerbridge did not immediately respond to requests for comment.
JAKKS' stock rose as much as 28% to 96 cents on Oct. 8 before settling down 5.52% to 71.02 cents.
