Topps delays decision - ToyNews

Topps delays decision

Topps has rescheduled a shareholder meeting to vote on Tornante’s offer for the company.
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The meeting, to discuss the acquisition offer by Michael Eisner's Tornante and private equity firm Madison Dearborn Partners is now set for 19th September.

The firm said shareholders needed time to "evaluate recent developments." Upper Deck withdrew a rival $10.75-per-share offer last week.

Topps also said it wanted more time to tell investors about the Tornante offer, which is said will provide stockholders with "full and fair value" for their shares.

However, three proxy advisory firms have recommended shareholders vote against the offer and a shareholder group called The Committee to Enhance Topps, led by a board member, sent a letter to shareholders last week urging them to reject the offer, demanding most board members resign and putting forth its own slate of nominees for the board.

The Committee to Enhance Topps said in a statement it was "frustrated" but not surprised by Topps' decision to delay the meeting.

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