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Who knew the baseball card biz could be filled with such high drama? Topps (TOPP) has now delayed the vote on the $385 million takeover offer from Michael Eisner's Tornante. Last week, Upper Deck pulled out of the bidding.

The move is to allow Topps stockholders to "evaluate recent developments when deciding how to vote their shares," Topps said. It said that had the vote taken place as scheduled, the Tornante deal likely would have failed to win a majority of the shares needed for its approval.

Topps urged shareholders in a letter to support the $9.75-a-share cash deal with Tornante, which is owned by former Walt Disney Co. Chief Executive Michael Eisner and Madison Dearborn Partners LLC.

However, two proxy advisory firms, Institutional Shareholder Services and Glass Lewis, have urged Topps holders to reject the Eisner-Madison deal, which also was opposed by Crescendo Advisors LLC.

Upper Deck had offered $10.75 a share but Topps said that offer was "a sham." Considering that shares of TOPP haven't done much for about 15 years, I'd want them to take any offer, sham or not.

Posted by edelfenbein at August 28, 2007 8:43 AM