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LOS ANGELES — Shares of Toymax International Inc. were up 38 percent Monday after it agreed to be acquired by Jakks Pacific Inc. for more than $54 million in cash and stock. 

Shares of the Plainview, N.Y.-based toy company were up $1.17 to $4.22 in afternoon trading on the Nasdaq Stock Market. Shares of Jakks, based in Malibu, Calif., were down 24 cents to $18.56. 

Jakks announced Sunday it will pay $3 per share in cash and $1.50 in stock to acquire the 64 percent of Toymax controlled by its two founders. The remaining shares will be acquired from stockholders later in the year. 

There is no danger the deal could be in jeopardy if Toymax stock rises above the $4.50 purchase price, according to William Gibson, an analyst for Banc of America Securities, because Jakks signed a definitive agreement with the founders of Toymax. 

Gibson said the purchase, which makes Jakks one of the country’s largest toy companies, was a good deal at a good price. 

“Jack doesn’t overpay,” Gibson said, referring to Jakks co-founder and chief executive Jack Friedman. “He buys right and he’s doing it again” 

Jakks announced Monday it has signed a deal with The Walt Disney Co. to develop arts and activities products and junior sports toys based on Disney characters, including Winnie the Pooh, as well as characters from new films.