Based on a preliminary count of the votes cast at the Company's special meeting, Topps stockholders have approved the pending merger agreement.
Under the terms of the agreement, Topps stockholders will receive $9.75 per share in cash. The deal will close promptly after the satisfaction of certain remaining conditions, which is anticipated to occur in October.
Arthur Shorin, chairman and CEO 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. We would like to thank our stockholders for voting for this transaction. The overwhelming support we received from our largest stockholders was deeply gratifying. In addition, we would like to express our gratitude to Topps' employees, whose hard work has enabled all Topps stockholders to realize enhanced value."
Tornante’s Michael Eisner 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."