With the scheduled vote by shareholders now less than two weeks away, one analyst doesn’t think shareholders will vote in favor of a lower priced offer but he’s not certain Upper Deck will wind up taking it over either.
While Topps is continuing to hope shareholders vote in favor of a deal that would make a group led by Michael Eisner the new owner, Upper Deck presses on. The Californians believe they still have a fighting chance because they’re willing to pay more.
Wedbush Morgan Securities managing director Sean P. McGowan told Forbes.com that he thinks there’s a “next-to-zero” chance that shareholders will approve the Tornante deal at the current price when there’s another deal on the table. “Everyone believes this company is worth more than the $9.75 offered for them,” he said.