BRIEF-Pershing square holdings releases Q3 letter to shareholders
* Pershing square holdings - "chipotle's sales recovery will be neither smooth nor predictable over the next few quarters"
April 17 Oaktree Capital Management Funds said it will make a firm offer for Jakks Pacific, after being repeatedly spurned by the toymaker, and may seek to replace the company's board.
The private equity firm said in a letter to the company's board that Jakks missed its revenue and profit projections made after its initial offer by a wide margin and the management has adopted a poison pill to thwart any takeover attempt.
"Oaktree has no confidence in the capability and credibility of the current Board and management team. Immediate change is required to preserve and protect the interest of public shareholders," the investment firm said in its letter.
Oaktree, which had made an unsolicited bid of $20 per share in September, said the share price had dipped to $13.39 since the offer.
Oaktree, which owns about 5 percent of Jakks, said it will fund the deal with a combination of equity and debt. Guggenheim Partners will provide the debt required, it said.
Shareholder Clinton Group Inc, which owns about 2.4 percent of Jakks' common stock, too had asked the company's board in March to put itself up for sale.
Jakks Pacific shares have lost about 8 percent of their value since September. They closed at $17.95 on Tuesday on the Nasdaq.
NEW YORK Dec 7 There's been a lot of talk since the election about dismantling the Dodd-Frank financial reform act. On his website, President-elect Donald Trump blames Dodd-Frank's "bureaucratic red tape and Washington mandates" for strangling economic growth.
* Pzena Investment Management Inc says total assets under management of $29.3 billion as of Nov.30, 2016