Asset management company, Clinton Group, which has an ownership stake in Jakks Pacific, has sent a letter to the board asking it to concede selling the company.
Clinton said it wants Jakks to concede Oaktree Capital Management's takeover offer of $20 per share.
The letter said: "We believe the time is right for the board of directors (the "Board") to direct the company's financial advisor, Merrill Lynch, to embark on a targeted auction process, if it has not already done so.
"We were dismayed at the Board's decision to adopt a poison pill earlier this month and expect that our fiduciaries on the Board will permit any interested buyer to bring their proposal directly to the shareholders, who can decide for themselves whether they would prefer to remain invested in an independent Jakks or would rather take the proposed offer."
Jakks responded to the letter yesterday with the following statement:
"The Jakks board of directors appreciates input from its stockholders. The board continually reviews the company's strategic plan and opportunities to enhance stockholder value. We note that at no time has the company received any communications regarding the sale of the company other than highly conditional expressions of interest from Oaktree.
"The board remains confident that continued execution of the company's strategic plan, including potentially transformative projects planned and already underway, will provide significant value to Jakks stockholders. Jakks is committed to maintaining an open dialogue with its stockholders and to delivering continued growth, success and value creation."