August 21, 2007 |
new york -- Influential proxy advisory firm Institutional Shareholder Services recommended Monday voting against the takeover of baseball card company Topps Co. by a private equity firm and an investment group led by former Walt Disney Co. chief Michael Eisner. ISS said that investors should oppose the $384.5-million bid from Madison Dearborn Partners and Tornante Co. because there was an alternative, higher bid being offered by rival Upper Deck Co. for $425 million.
August 9, 2007 |
Topps Co., the maker of baseball cards and Bazooka bubble gum, questioned how serious Upper Deck Co.'s interest in buying the company was after it failed to review a draft merger agreement based on its $425-million offer. Upper Deck didn't respond to attempts to complete the accord after weeks of talks and the expiration of an antitrust waiting period, Topps said in a letter to lawyers for Carlsbad, Calif.-based Upper Deck.
July 10, 2007 |
Directors of Topps Co., the maker of baseball cards and Bazooka gum, recommended that shareholders vote against a $425-million tender offer from Upper Deck Co. because of concerns about getting antitrust approval. Topps, based in New York, agreed in March to be acquired by Tornante Co., led by former Walt Disney Co. Chief Executive Michael Eisner, and Madison Dearborn Partners for about $9.75 a share, or $384.5 million. In May, Topps said Upper Deck had made a higher offer, about $10.75 a share.
June 26, 2007 |
Upper Deck Co., a closely held maker of baseball cards, launched a tender offer Monday to buy shares of rival Topps Co. for $10.75 each. The offer, which expires July 24, values Topps at about $425 million, Upper Deck said. Topps has agreed to be acquired by a group led by former Walt Disney Co. Chief Executive Michael Eisner for $9.75 a share.
June 15, 2007 |
Topps Co., the baseball trading-card maker that agreed to be sold to a group led by former Walt Disney Co. Chief Executive Michael Eisner, must postpone a shareholder vote on the deal until rival Upper Deck Co. can make a bid, a judge ruled Thursday. Delaware Chancery Judge Leo Strine Jr.
June 7, 2007 |
Topps Co. and some of its directors were sued by rival baseball-card maker Upper Deck Co. over claims that Topps breached a confidentiality agreement reached during merger talks. Upper Deck, joined in the suit by Topps investor Northwood Investors, also sought an injunction to block shareholders from voting June 28 on the company's sale to a Michael Eisner-led investment group, Topps said Wednesday in a regulatory filing. Topps, based in New York, agreed March 6 to be bought for $384.