Meisheng Eyes Takeover of JAKKS Pacific Shares

Hong Kong Meisheng Cultural Company, a wholly owned subsidiary of Meisheng Cultural and Creative Corp., is looking to increase its stake in toy company JAKKS Pacific.

A non-binding proposal, which is subject to due diligence, expresses Meisheng’s interest in acquiring additional shares of JAKKS common stock for $2.95 each. If the transaction is finalized, Meisheng’s shareholdings and voting rights would rise to 51 percent.

The proposal says that Meisheng intends to fund the deal through a combination of existing cash on hand and/or other financing sources to the extent required for the restructuring or refinancing of JAKKS’ outstanding senior convertible senior notes. The transaction is subject to the approval of Meisheng’s board of directors, shareholders and Chinese regulatory authorities.