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Topps sale approved by shareholders

Shareholders of Topps voted Wednesday to approve the sale of the company for $385.4 million to Michael Eisner’s Tornante Co. investment firm and Madison Dearborn Partners LLC.
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Shareholders of Topps voted Wednesday to approve the sale of the company for $385.4 million to Michael Eisner’s Tornante Co. investment firm and Madison Dearborn Partners LLC.

The approval came more than six months after Topps’ board of directors reached the agreement with Eisner’s group. During that time, the $9.75-per-share offer survived a challenge in court and a competing $10.75-per-share bid from Upper Deck, which the rival card maker withdrew Aug. 21.

Topps reported that 53.4 percent of the company's nearly 38.8 million outstanding shares of stock were cast in favor of the sale during last week's shareholder meeting. The transaction is anticipated to close in October.

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