Reuters: Global Markets: Jakks slumps in post-buyback selloff

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Jakks slumps in post-buyback selloff Jun 28th 2012, 16:44 Thu Jun 28, 2012 12:44pm EDT (Reuters) - Shares of Jakks Pacific Inc (JAKK.O) tumbled 16 percent on Thursday after the toymaker said it would accept 15.8 percent of the stock tendered by each shareholder in its $80 million share buyback, disappointing investors who had hoped for more. The company said 22.7 million shares were tendered by the expiry of the offer on Wednesday, representing almost all of the shares outstanding. Oaktree Capital Management (OAK.N), which holds about 5 percent of Jakks, has been trying to buy the company for $670 million. Jakks had offered $20 per share, matching Oaktree's offer. Oaktree was not immediately available to comment. The 4 million shares Jakks accepted for purchase represent 15.4 percent of the shares outstanding. "People are disappointed and selling the shares they won't get tendered," Edward Woo of Ascendiant Capital Markets said. Oaktree ended talks over a standstill pact with the company after the two parties failed to agree on terms. A standstill pact would have capped Oaktree's stake in Jakks. Jakks shares were down 9 percent at $16.30 in early afternoon trade. They touched a low of $15.10 earlier on Thursday. (Reporting by Juhi Arora in Bangalore, Ted Kerr, Viraj Nair) Link this Share this Digg this Email Reprints

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