Courtesy of Benzinga.
Oaktree Capital Management, L.P. announced Tuesday that certain funds and accounts that it manages have sent a letter to the Board of Directors of JAKKS Pacific (NASDAQ: JAKK) highlighting their lack of confidence in the capability and credibility of Jakks’ current Board and management team and stating that immediate change is required to preserve and protect the interest of public shareholders. Oaktree Funds have engaged Guggenheim Securities, LLC as financial advisor, MacKenzie Partners, Inc. as proxy solicitors and Kirkland & Ellis LLP as legal counsel, and are ready to proceed immediately towards presenting a firm acquisition proposal with certainty of close.
Below is the text of the most recent letter the Oaktree Funds sent to JAKKS’ Board of Directors:
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