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Meisheng Expresses Interest To Raise Its Stake In JAKKS Pacific - Quick Facts

Toys and consumer products manufacturer, JAKKS Pacific, Inc. (JAKK), Friday said it received a letter, dated January 25, 2018, from a subsidiary of Meisheng Cultural and Creative Corp.,expressing interest in acquiring additional shares of JAKKS common stock for $2.95 per share. Following the completion, Meisheng's shareholdings and voting rights will raise to 51 percent.

Hong Kong Meisheng, a subsidiary of Meisheng, currently owns 18 percent of JAKKS issued and outstanding shares of common stock.

The deal, which is subject to due diligence, will be funded by Meisheng 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 Expression of Interest also states that the deal is subject to approval by Meisheng's Board of Directors, shareholders and Chinese regulatory authorities.

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