(Reuters) - Private equity firm Oaktree Capital Management LP terminated talks over a standstill pact with toymaker Jakks Pacific Inc (JAKK.O) after failing to agree on terms.
Oaktree wrote to the Jakks Pacific’s board on Friday saying it would be willing to restart discussions if the terms are acceptable, Jakks Pacific said in a filing with the U.S. Securities and Exchange Commission.
A standstill pact is a takeover defense where a hostile bidder agrees to limit its holdings in a target company.
Jakks Pacific bowed to investor pressure in April by agreeing to discuss Oaktree’s $20 per share offer and outlined plans to buy back shares to put pressure on the private equity firm to raise its bid.
The company, which received Oaktree’s $670 million unsolicited bid last September, has repeatedly spurned the private equity firm’s advances and adopted a poison pill takeover defense in March.
Jakks Pacific shares closed at $18.53 on Friday on the Nasdaq.
Reporting by Juhi Arora in Bangalore; Editing by Viraj Nair