blowoutcards
10-15-2007, 06:16 AM
(TOPPS DEAL OFFICIAL, EISNER GROUP TAKES OVER)
It is official; a group led by former Disney CEO Michael Eisner owns The Topps Company. After a long and protracted battle in which rival Upper Deck almost blew the deal for the Shorin Family and it's board, the stockholders will now get their $9.75 per share. The $385 million deal became a reality on Friday.
"This is a great day for Topps and it's shareholders," said Arthur T. Shorin, CEO and the last link to the founding Shorin's, in a statement. "This transaction provides our former investors with full value for their shares and ensures the further success of our iconic company."
(Eisner now controls the Bazooka Joe icon Image.)
Eisner's Tornante Group and investment firm Madison Dearborn Partners formed the Joe Holding Company and the Joe Acquisition Company in order to pitch for Topps. Dissident stockholders fought a good fight in trying to kill the deal saying $9.75 was undervaluing the company. UDC also tried to buy Topps but many thought it was an attempt to look at sensitive company material and Topps refused to give UD officials what they wanted in terms of distribution information.
In the end, it was Eisner who bought the company after saying his offer was final and if the deal didn't go through, he would not up his bid. He comes up a winner.
"Topps is a wonderful company with a rich history and a strong brand portfolio," Eisner said in a statement. "We look forward to working with the company's outstanding management and employees to grow Topps in new and innovative ways."
(Michael Eisner;The new head of The Topps Company)
The key to the Eisner deal over UDC or the dissident board members is with Tornante, key management are being kept in place.
"We are pleased to have a talented and experienced group of investors who are committed to growing our company and to delivering added value to our partners; the people who enjoy our products every day and to our terrific team of employees whose efforts have this transaction possible," said President and COO, Scott Silverstein.
Topps was founded in 1938 and while going from public to private to public to private over the years, it has remained mainly in the control of the Shorin family.
-The Brill Report
It is official; a group led by former Disney CEO Michael Eisner owns The Topps Company. After a long and protracted battle in which rival Upper Deck almost blew the deal for the Shorin Family and it's board, the stockholders will now get their $9.75 per share. The $385 million deal became a reality on Friday.
"This is a great day for Topps and it's shareholders," said Arthur T. Shorin, CEO and the last link to the founding Shorin's, in a statement. "This transaction provides our former investors with full value for their shares and ensures the further success of our iconic company."
(Eisner now controls the Bazooka Joe icon Image.)
Eisner's Tornante Group and investment firm Madison Dearborn Partners formed the Joe Holding Company and the Joe Acquisition Company in order to pitch for Topps. Dissident stockholders fought a good fight in trying to kill the deal saying $9.75 was undervaluing the company. UDC also tried to buy Topps but many thought it was an attempt to look at sensitive company material and Topps refused to give UD officials what they wanted in terms of distribution information.
In the end, it was Eisner who bought the company after saying his offer was final and if the deal didn't go through, he would not up his bid. He comes up a winner.
"Topps is a wonderful company with a rich history and a strong brand portfolio," Eisner said in a statement. "We look forward to working with the company's outstanding management and employees to grow Topps in new and innovative ways."
(Michael Eisner;The new head of The Topps Company)
The key to the Eisner deal over UDC or the dissident board members is with Tornante, key management are being kept in place.
"We are pleased to have a talented and experienced group of investors who are committed to growing our company and to delivering added value to our partners; the people who enjoy our products every day and to our terrific team of employees whose efforts have this transaction possible," said President and COO, Scott Silverstein.
Topps was founded in 1938 and while going from public to private to public to private over the years, it has remained mainly in the control of the Shorin family.
-The Brill Report