Topps has reached an agreement with Pembridge Value Opportunity Fund under which Pembridge will cease its efforts to acquire proxies for the purpose of electing its slate of directors to the Topps board (see 'Aggressive Hedge Fund Stalking Topps').  Under the agreement, Pembridge will not undertake a proxy solicitation or 'certain other activities' until at least December 31, 2005.  Topps will not adopt a poison pill without stockholder approval until June 30, 2006.  Topps will also pay Pembridge for its expenses for the proxy solicitation. 

 

This gives Topps more time to explore strategic alternatives to increase shareholder value.  But it's still a fairly short time frame, and there is, of course, no guarantee that another fund won't take actions similar to those Pembridge is forgoing.