| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Topps Co., Inc. > News item |
Shareholder group wants to vote down proposed merger of Topps with Eisner-led group
By Lisa Kerner
Charlotte, N.C., Aug. 2 - A group calling themselves the Committee to Enhance Topps filed supplemental proxy materials including a list of board nominees in connection with the special meeting of Topps Co., Inc. stockholders scheduled for Aug. 30.
The committee urged stockholders to use the gold proxy card to vote against the proposed merger of the company with a buyout group that includes Madison Dearborn Partners, LLC and the Tornante Co. LLC, an investment firm controlled by Michael Eisner.
In addition, the committee asked stockholders not to be misled by "half-truths" delivered by Topps and cited recent opinions by the Delaware court. Overall, the committee, which includes Topps investor and board member Arnaud Ajdler, believes the sales process was tainted by conflicts of interest, according to a news release.
As previously reported, Topps' board recommended shareholders vote for the March 5, $9.75-per-share offer by Tornante and Madison Dearborn.
In July, the Upper Deck Co. began a tender offer to purchase all of the outstanding shares of Topps stock for $10.75 per share in cash.
While the company said it is committed to the "best possible outcome for all of Topps' stockholders," it is waiting for results of Upper Deck's latest filing with the Federal Trade Commission. Topps continues to negotiate with Upper Deck to see if a consensual transaction, superior to the pending Tornante/Madison Dearborn transaction, can be reached, a company news release stated.
New York-based Topps creates and markets sports and related cards, entertainment products and confectionery. Upper Deck is a sports and entertainment publishing company based in Carlsbad, Calif.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.