Wedbush Comments on JAKKS Pacific Acquisition

Wedbush released a research report this morning, in which it reiterates its Outperform rating on JAKKS Pacific

with a price target of $24. Wedbush stated that "after market close Tuesday, Oaktree Capital announced a proposal to acquire JAKKS for $20 per share in cash. Oaktree made the offer public after JAKKS Board's continued refusal (since in March) to discuss an acquisition by Oaktree. We believe this offer is serious as Oaktree is a major investment firm ($80 billion in assets) and owns 4.9% of JAKKS. The offer price is a 25% premium to JAKKS's average stock price over the past month, and past two years. The total offer for the company is ~$670 million." JAKKS Pacific closed at $19.91 yesterday.