A Delaware judge has put the brakes on the June 28 buyout vote from the group led by former Disney CEO Michael Eisner.
In a 67-page opinion issued Thursday, Vice Chancellor Leo Strine Jr. postponed a scheduled June 28 vote by Topps shareholders to approve the $385 million deal, saying an injunction was warranted to ensure Topps stockholders are not "irreparably injured" by not being able to consider an offer they might find more attractive.
Upper Deck company claimed in a lawsuit that Topps is trying to stifle shareholder consideration of its $10.75-per-share offer for Topps, a dollar higher than that made by Eisner's Tornante Co. and Chicago-based private equity firm Madison Dearborn Partners LLC.
A Delaware judge has put the brakes on the June 28 buyout vote from the group led by former Disney CEO Michael Eisner. 