March 06, 2007
Topps of the Morning
Michael Eisner and a group of investors are attempting a takeover of Topps:
The Topps Co., maker of baseball cards and Bazooka bubble gum, said Tuesday it accepted a $385.4 million takeover offer from a buyout group that includes former Disney CEO Michael Eisner, but the deal drew immediate opposition from one of its own board members.
Topps director Arnaud Ajdler, along with the investment firm Crescendo Partners II, launched a campaign to kill the deal. Crescendo owns about 6.6 percent of the company's shares, according to filings with the Securities and Exchange Commission. Ajdler is also a managing partner of Crescendo.
Ajdler said Tuesday he had not yet been in touch with other major shareholders but he thought the deal should be abandoned because negotiations did not go through a proper process and that the Eisner-led offer undervalues the company.
I know baseball cards are tough to buy, but there are easier ways to collect them. :-) Also, given the movie experience of Eisner, I expect a live action Bazooka Joe movie. I can't wait to see who they cast as Mort!