UPDATE 1-Jakks Pacific adopts poison pill to fend off Oaktree
* Adopts poison pill in response to Oaktree Capital
* Sets poison pill trigger at 10 percent
* Says rights plan will continue until March 4, 2013
March 5 (Reuters) - Jakks Pacific Inc's board adopted a "poison pill" defense strategy against takeover overtures made by Oaktree Capital Management, saying it would trigger a rights agreement if any party bought 10 percent of its stock.
Last March, Oaktree made an unsolicited $20-a-share cash bid for Jakks. It publicly disclosed its bid in September.
Jakks later rejected Oaktree's proposal, calling the $670 million bid "inadequate."
Oaktree owns 5 percent of Jakks stock.
"The board adopted the rights plan in response to Oaktree Capital Management's unsolicited and highly conditional indication of interest as well as a recent indication by Oaktree that it may accumulate additional shares of the Company's stock in the open market," Jakks said in a statement.
Shares of Jakks, which makes products under brands such as Pokemon, Hello Kitty and The Smurfs, closed at $15.52 on Monday on the Nasdaq, about 22 percent below Oaktree's offer price.