Topps ordered to delay vote on deal
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Topps Co., the baseball trading-card maker that agreed to be sold to a group led by former Walt Disney Co. Chief Executive Michael Eisner, must postpone a shareholder vote on the deal until rival Upper Deck Co. can make a bid, a judge ruled Thursday.
Delaware Chancery Judge Leo Strine Jr. ordered the Topps board to disclose additional information about “Eisner’s assurances that he would retain existing management” and to delay a shareholder vote that was set for June 28 until Upper Deck can make an offer.
“We think the court’s opinion is an important vindication of shareholders’ rights,” said Seth Rigrodsky, a Wilmington, Del.-based lawyer for Topps shareholders seeking more money for their stock.
Eisner’s Tornante Co. and Madison Dearborn Partners offered $9.75 a share, or $384.5 million.
The board of New York-based Topps accepted the offer in March. Upper Deck, which has offices in Carlsbad, Calif., last month said it would pay $10.75 a share, or $416 million.
Topps spokesman Jim Golden and Upper Deck spokesman Don Williams wouldn’t immediately comment.
Shares of Topps fell 7 cents to $10.14.
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