Final: Topps Sold to Eisner Group

9/21/2007 10:50:23 AM

Topps shareholders on Wednesday voted that the company be sold for $9.75 per share to former Disney head Michael Eisner’s The Tornante Company LLC and Madison Dearborn Partners, LLC.

The vote is subject to an independent audit, but the $385 million cash deal is expected to close in October.

The acquisition was championed since April by Topps’ board of directors, but Upper Deck sidetracked the deal in June when it offered a dollar per share more ($425 million total) than the Tornante/Madison offer.

Bitter dissention among Topps board members and shareholders followed — some wanted to take the UD bid, others pushing for the Tornante deal. UD eventually pulled its offer last month, citing that rhetoric from Topps officials made it impossible to construct a fair vision of UD’s hostile takeover offer. Topps, meanwhile, claimed that uncertain financing and potential anti-trust problems made the UD offer unacceptable for shareholders.

In the end, after numerous delayed votes, Topps shareholders went with the only deal left on the table.

Michael Eisner, founder of Tornante, said, “I look forward to working with my new associates at Topps to find new and exciting ways to grow the Company. Topps is a wonderful company with a portfolio of strong brands in the trading card and confectionery businesses.”

Arthur T. Shorin, Chairman and Chief Executive Officer of Topps, said, “Working with Tornante and MDP will be a great opportunity for Topps. They are experienced investors who understand the creative aspects of our business and are committed to our continued growth.