Speculating in Takeover Targets Message Board

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Strategies & Market Trends : Speculating in Takeover Targets

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To: richardred who wrote (1578)	6/18/2007 9:50:02 AM
From: richardred	of 7239

Topps Postpones Shareholder Meeting Monday June 18, 9:41 am ET Topps Postpones Shareholder Meeting in Compliance With Court Order NEW YORK (AP) -- Topps Co., maker of baseball cards and Bazooka bubble gum, on Monday officially postponed a shareholder meeting to vote on a planned acquisition after a court ordered the company to do so last week. The court said on Thursday that Topps must provide shareholders more information on a competing bid before holding a vote, which had been set for June 28, on an offer by a group of investors led by former Disney Co. chief executive Michael Eisner. In March, Eisner's Tornante Co. LLC and Chicago-based private equity firm Madison Dearborn Partners LLC agreed to pay $9.75 a share, which represented a premium of 9.4 percent when they first made the offer. The deal received regulatory approval on April 3, but requires shareholder approval. Upper Deck Co., a rival to Topps in the sports memorabilia market, trumped that bid with a $10.75 per-share offer. Topps management said that bid may not be "superior," a legal term that would require a review. The Topps board said Monday it has not withdrawn or amended its recommendation that shareholders accept the Tornante-led bid. biz.yahoo.com

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