Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, August 27, 2007

Topps Postpones Shareholder Vote on Buyout

Topps rescheduled its shareholders meeting, originally scheduled for August 30, until Sept. 19, for the shareholders vote on the proposed cash-out merger wtih Tornante-MDP (partly owned by Michael Eisner) at $9.75.  Last week rival bidder Upper Deck withdrew its offer, and Topps said it wants more time "to communicate with investors about the proposed $9.75 all cash merger with Tornante-MDP, which the Executive Committee believes would provide stockholders with full and fair value for their shares."  Topp said that if the voting occurred as originally scheduled, the merger would likely not achieve the  necessary shareholder vote for approval.  Two proxy advisory firms recommended against the buyout.  WSJ, Topps Postpones Shareholder Vote On Proposed Buyout by Tornante.

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