Shamrock Capital Advisors Inc., headed by Roy Disney, asked directors to put the company up for sale, saying it felt CU would be an attractive acquisition candidate possibly worth twice as much on the open market. Not having to comply with regulations of publicly traded companies would also save money, according to Shamrock, an investment firm also based in southern California.
Disney is the nephew of Walt Disney Co. founder Walt Disney and was once a CU executive.
Haynes has been heading CU for six years and will "pursue other opportunities" according to a CU news release. He stated: "Based on a strategy established by the board at the beginning of my term in 2003, Collectors Universe has been transformed to focus on its core competency of grading and authentication of collectibles, with updated operating systems and restructured management. The proven leadership position of these divisions in their markets along with the efficient operating support and favorable balance sheet provides the foundation for long-term profitability."
In addition to trading cards, autographs and sports memorabilia, CU also authenticates and grades stamps and coins. The company has a market value of about $30 million and reported about $40 million in revenue last year. Shares closed at $3.60 per share on the NASDAQ exchange Monday. They've ranged from $2.05 to $10.06 over the last 12 months.
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Michael Haynes is stepping aside as CEO of Collectors Universe, parent company of PSA and PSA/DNA. 