Former Disney boss Michael Eisner yesterday won his months long battle to take control of iconic baseball card maker Topps after a majority of shareholders approved the $385 million takeover.
Eisner’s Tornante Co. and private-equity firm Madison Dearborn Partners stuck to their $9.75 per share price for Topps through months of pressure from two big shareholders and a competing offer from rival Upper Deck.
Although the deal was small compared with other mergers, it involved several lawsuits and months of positioning by the company and its advisers over calls that the price was too low.
All but two of the top 10 shareholders of Topps voted for the deal, which garnered roughly 53 percent of the vote, according to sources with knowledge of the deal. Crescendo Partners, an activist hedge fund and vocal opponent of the deal with Eisner, voted against the merger. Eisner believes Topps, known for its sports cards and Bazooka bubble gum, is a distinguished brand that appeals to younger consumers as well as adults.
“I look forward to working with my new associates at Topps to find new and exciting ways to grow the company,” Eisner said yesterday. “Topps is a wonderful company with a portfolio of strong brands in the trading card and confectionery businesses.”