In an open letter to Oaktree, Stephen Berman, CEO of Jakks said: "The board unanimously believes that this is not the right time to sell the company, and that execution of the company's strategic plan - including potentially transformative projects planned and already underway - will provide significantly greater value to the company's stockholders."
The response follows a letter received by Jakks Pacific from Oaktree Capital Management on September 13th, in which it expressed interest in discussing a "potential going private transaction at $20.00 per share".
He continued: "This is an exciting time for Jakks. The company has entered into key partnerships relating to Monsuno with Nickelodeon, Fremantle, Dentsu and Topps. We believe the Monsuno project and the skill set and key relationships that have been developed to bring it to fruition will lead to similar proprietary projects that should have a positive impact on our share price.
"In addition, the company has a number of new and promising proprietary and licensed products, including Baby Watch, Action Cam, Shogami and Winx Club, which could also be transformative and enhance stockholder value."