In response to a judge's ruling last week (see 'Topps Buyout Vote Halted'), trading card and candy manufacturer (and WizKids parent) Topps has postponed its shareholder meeting, originally scheduled for next week, to an unspecified future date. In addition, it has released Upper Deck from its standstill agreement, allowing Upper Deck to pursue a tender offer for the company and contact Topps shareholders directly. Topps will also make additional disclosures to its shareholders on its pending merger agreement with Tornante and Madison Dearborn.
Topps management and a majority of its board support the Tornante deal; it has not changed its recommendation that shareholders vote in favor of it despite the higher price from Upper Deck.
Upper Deck to Pursue Tender Offer
Posted by ICv2 on June 18, 2007 @ 11:00 pm CT
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