There’s still no resolution to the sticky sale of Topps, but with Upper Deck still in the picture, the original suitors are requesting some love.
Michael Eisner’s Tornante Holdings has delivered a message to Topps, asking the company to reaffirm its recommendation of a $385 million buyout offer.
California-based Tornante and Chicago private equity firm Madison Dearborn Partners LLC, have been watching nervously as Topps continues to listen to a pitch from Upper Deck while sitting on the Tornante offer. Upper Deck said last week it "remained steadfast" in its efforts to acquire Topps.
Topps said it is evaluating the Tornante request but is continuing to negotiate with it’s California-based rival which offered $425 million for Topps earlier this summer.
In spite of efforts by a group of large shareholders to block the sale, Topps management has continued to publicly state support for the original deal with the Eisner-led group. However, with the shareholder vote scheduled for August 30th, Tornante could be hoping to sway undecided voters by having Topps again acknowledge a preference.