August 28, 2007
Topps Delays Shareholder Meeting
The management of Topps Co. has delayed a shareholder vote because it fears it will lose. The management is pushing a buyout with a favored bidder, Tornante Co., at $9.75 or so a share. Topps management had previously rejected a bid, valued at $10.75 a share, from Upper Deck. The Delaware Chancery Court has a long history of not supporting tampering with shareholder meeting dates and one wonders whether this move can past muster.
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