Like candidates wooing voters, Topps management and some dissidents on the company’s Board of Directors are trying to convince shareholders to see things their way. A vote on the card-maker’s future is coming soon.
In a letter to shareholders released on Monday, Topps Chief Executive Arthur Shorin promised the $9.75 per share bid by Michael Eisner’s group is the best one out there with nothing on the horizon.
After the company agreed in March to accept the offer from Eisner and private equity shop Madison Dearborn Partners, the Topps board and its investment bankers at Lehman Brothers contacted 107 potential bidders, including all parties proposed by the objecting directors.
"None made an offer or proposal that was superior," Mr. Shorin wrote. The opposition group begs to differ.
Latest Topps’ Securities & Exchange Commission filing.