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Star Wars licensee Jakks Pacific could be about to be purchased by Alleghany Corp, the owners of Jazwares.

The Los Angeles Times has reported that Alleghany Corp., Jazwares’ parent company, has made an offer to buy Jakks Pacific for 85 cents a share. According to the report, no decision has been made, and Alleghany could decide not to proceed with its bid.

Jakks Pacific rose as high as 95 cents a share yesterday, closing at 75 cents – giving the company a market value of about $24.9 m. The company, which had about $161m in long term debt at June 30th, has seen its shares fall around 69% over the past year.

Representatives for Jakks Pacific and Alleghany have so far declined to comment on the story.