Egan-Jones Proxy Services a leading independent US proxy advisory firm, has recommended that Topps stockholders vote for a merger agreement with the Tornante and Madison Dearborn consortium at the special meeting of stockholders.
Topps CEO Arthur Shorin, said: "We are pleased that Egan-Jones recommended that Topps stockholders vote for the Tornante - Madison Dearborn transaction and recognised that the pending merger agreement represents the best opportunity to deliver maximized value to all Topps' stockholders.
“Notwithstanding the Egan-Jones recommendation, stockholders should be cautioned that Crescendo Partners is misleading Topps stockholders with unsubstantiated claims about Topps' future valuation. We believe Crescendo is acting in its own self interest - to take control of Topps for free. The Board recommends that stockholders vote for the Tornante - Madison Dearborn transaction."
The Tornante - MDP deal requires the affirmative vote of a majority of the shares of Topps outstanding common stock and is the only binding offer received.
The Special Meeting of Topps stockholders to consider and vote upon the proposed merger has been scheduled for Wednesday, September 19th at the Company's New York office.