Topps sold for $385 Million

Auto Date Tuesday, March 6th, 2007

 It was announed today that Topps, which has been run by the Shorin family for nearly 60 years, is in the process of being sold to Tornante Company LLC and Madison Dearborn Partners, LLC.  Michael Eisner, former CEO of Disney, is the head of Tornante.

Topps which is publicly traded on the NASDAQ exchange is being sold for $385.4 million.  Each Topps stockholder will receive $9.75 in cash per share of  stock they own.

Michael Eisner said, “Topps is a wonderful company with a powerful brand portfolio and a rich history. Topps’ management team and employees are the best in the business, and we look forward to working with all of them to grow the company in new and exciting ways.”

The transaction is subject to the approval of stockholders and is scheduled to be completed later in 2007.  It is not a sure thing though as Topps intends to solicit higher bids over the next month or two.

[tags]Topps[/tags]

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