Reuters: Private Equity: UPDATE 1-Jakks Pacific to talk to Oaktree, buy back shares

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UPDATE 1-Jakks Pacific to talk to Oaktree, buy back shares Apr 23rd 2012, 11:09 Mon Apr 23, 2012 7:09am EDT April 23 (Reuters) - Toymaker Jakks Pacific Inc said it will talk to suitor Oaktree Capital Management to pacify shareholders after rejecting a $20 per share offer last year. Jakks also said it will buy back $80 million of its shares for at least $20 each by May 25. Earlier this month, Oaktree said it will make a firm offer for Jakks, which makes toys under brands like Pokemon, Hello Kitty and the Smurfs. Jakks also agreed to appoint two independent directors after an agreement with Clinton Group, an investor who had called for the company to auction itself last month. Jakks also agreed that one of the new board members would be subject to Clinton Group's approval. Shares of the company closed $17.49 on Friday on the Nasdaq, a 14 percent discount to Oaktree's offer and the price Jakks intends to pay for its shares.

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