TOPPS ANNOUNCES CLOSING OF ACQUISITION BY MICHAEL EISNER'S
TORNANTE COMPANY AND MADISON DEARBORN PARTNERS
(NEW YORK) October 12, 2007 – The Topps Company, Inc. (Nasdaq: TOPP) today
announced the closing of the acquisition of Topps by Michael Eisner's
The Tornante Company LLC and Madison Dearborn Partners, LLC. Under the
terms of the agreement, Topps stockholders will receive $9.75 in cash
for each share of Topps common stock held, for a total aggregate
purchase price of approximately $385 million payable to stockholders.
"This is a great day for Topps and its shareholders," said Arthur T.
Shorin, Chief Executive Officer of Topps. "This transaction provides
our former investors with full value for their shares and ensures the
further success of our iconic company."
Topps President and Chief Operating Officer Scott Silverstein added,
"We are pleased to have an experienced and talented group of investors
who are committed to growing our company and to delivering added value
to our partners, the people who enjoy our products every day, and our
terrific team of employees whose efforts have made this transaction
"Topps is a wonderful company with a rich history and a strong brand
portfolio. We look forward to working with the company's outstanding
management and employees to grow Topps in new and innovative ways,"
Eisner said on behalf of the investors.
Lehman Brothers Inc. served as sole financial advisor to Topps and
Willkie Farr & Gallagher LLP served as Topps' legal advisor. Deutsche
Bank served as financial advisor to Madison Dearborn Partners and The
Tornante Company. Paul, Hastings, Janofsky & Walker LLP served as legal
advisor to Madison Dearborn Partners, and Munger, Tolles & Olson LLP
served as legal advisor to The Tornante Company.
About The Topps Company, Inc.
Founded in 1938, Topps is a leading creator and marketer of sports and
related cards, entertainment products, and distinctive confectionery.
Topps entertainment products include Major League Baseball, NFL, NBA
and other trading cards, sticker album collections, and collectible
games. The Company's confectionery brands include "Bazooka" bubble gum,
"Ring Pop," "Push Pop," "Baby Bottle Pop" and "Juicy Drop Pop"
lollipops. For additional information, visit www.topps.com