Eisner group bids $385.4 million for Topps
The Sporting News and AP reports that a buyout group that includes former Disney CEO Michael Eisner and Chicago private-equity firm Madison Dearborn Partners LLC. has paid over a third of a billion for the Topps Company, the makers of sports cards, Garbage Pail Kids, Wacky Packages, the classic Mars Attack! series, and even the occasional comic book.
The deal drew immediate opposition from Topps director Arnaud Ajdler, who said Tuesday he had not yet been in touch with other major shareholders. 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.
The board approved the deal in a 7-3 vote, with Ajdler and two others opposed. The company said it will solicit better offers over the next 40 days. The deal requires regulatory approval and a vote by Topps shareholders.