The Topps Company has finally announced the closing of its acquisition by the Tornante Company and Madison Dearborn Partners, following continuous battles over the summer.
Under the terms of the agreement, Topps stockholders will receive $9.75 in cash for each share of Topps common stock held, for a total aggregate purchase price of approximately $385 million.
Topps CEO Arthur Shorin said: "This is a great day for Topps and its shareholders. This transaction provides our former investors with full value for their shares and ensures the further success of our iconic company".
Topps President and Chief Operating Officer Scott Silverstein added, "We are pleased to have an experienced and talented group of investors who are committed to growing our company and to delivering added value to our partners, the people who enjoy our products every day, and our terrific team of employees whose efforts have made this transaction possible".
The Tornante Company’s Michael Eisner said: "Topps is a wonderful company with a rich history and a strong brand portfolio. We look forward to working with the company's outstanding management and employees to grow Topps in new and innovative ways," Eisner said on behalf of the investors.