Tornante, Madison Dearborn firm on price for Topps; shareholders can take it or leave it

By Lisa Kerner

Charlotte, N.C., Sept. 17 - The $9.75-per-share price set forth in their definitive agreement is as high as the Tornante Co. and Madison Dearborn Partners, LLC are willing to go in their bid for the Topps Co., Inc., it was announced on Monday.

"We thoroughly analyzed the value of Topps prior to entering into our deal with the company in March. We believed $9.75 per share was more than a full and fair price for the company then, and we continue to believe that to be the case now especially considering the current economic environment," Tornante and Madison Dearborn said in their news release.

"If Topps shareholders feel differently and vote against our deal this week, we wish them well, but our price is final and we will not increase it."

Topps shareholders are set to vote on the merger with Tornante and Madison Dearborn on Wednesday. The company's stock (Nasdaq: TOPP) closed at $9.19 on Monday.

"Unfortunately, as a result of the $10.75 bid by Upper Deck, many Topps stockholders expected to receive something higher than $9.75 for their shares, and our stock price reflected this expectation for several months," Allan Feder, lead director of Topps' board, said in a prior news release.

It was previously reported that the Topps executive committee continued to believe that the merger transaction with Tornante and Madison Dearborn is in the best interest of Topps stockholders.

New York-based Topps creates and markets sports and related cards, entertainment products and confectionery.

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