Topps Company announced at its shareholder meeting Wednesday afternoon that the sale of the company to a group led by Michael Eisner's Tornante Group would be approved. The meeting was postponed for a third and final time from 11 a.m. to 3 p.m. today to give the company more time to collect votes. The sale price was $9.75 per share, the original bid price for the trading card, candy, and game company (WizKids) that Tornante made last March (see 'Topps Company to be Acquired').
The delay of the shareholders meeting gave Topps management and its dissident investor group one more opportunity to snipe at each other. Timothy Brog, from Pembridge Capital Management and a Topps director, said of the delay 'They are doing everything they can in their power to hijack corporate democracy.' To which a Topps spokesperson responded 'What nonsense. This is providing Topps stockholders ample time to make a considered decision about the future of their investment.'
The deal was nearly sidetracked by a rival offer from Topps competitor Upper Deck. Upper Deck eventually walked away (see 'Upper Deck Says No to Topps'), among various bitter mutual accusations (see 'Topps Fires Back').