Topps Buyout Gets Sticky for Eisner & Co.
The Topps Company finds itself in a sticky situation with big shareholders -- and faces the complaint that it's selling itself too cheaply -- after the candy and sports card maker said Mar. 6 that it signed a $385 million deal to be taken over by former Disney CEO Michael Eisner's investment outfit, The Tornante Company, and private equity firm Madison Dearborn Partners.
Under the terms of the agreement, Topps stockholders will receive $9.75 per share in cash. The buyout group chose to move after the stock price had fallen from its high of the year at $10 on Feb. 2. The company's shares climbed 10.1% to $9.81 in heavy trading on the Nasdaq Mar. 6.