Tornante, Madison Dearborn Will Not Raise Price for Topps Company
Group Reiterates Final Price Prior to Wednesday’s Shareholder Vote
NEW YORK--(BUSINESS WIRE)--The Tornante Company and Madison Dearborn Partners today reiterated the $9.75 per share price set forth in the investors’ definitive agreement to acquire The Topps Company (NASDAQ: TOPP). The investor group released the following statement, making clear that it will not increase its offer for the company:
“Topps is a wonderful company with a rich history, and we are prepared to buy it at the price of $9.75 per share set forth in our agreement.”
“Topps is a wonderful company with a rich history, and we are prepared to buy it at the price of $9.75 per share set forth in our agreement.
“We thoroughly analyzed the value of Topps prior to entering into our deal with the company in March. We believed $9.75 per share was more than a full and fair price for the company then, and we continue to believe that to be the case now especially considering the current economic environment.
“If Topps shareholders feel differently and vote against our deal this week, we wish them well, but our price is final and we will not increase it.”