Today, the legendary baseball card company, Topps Co. Inc. (NYSE: TOPP), agreed to sell out for $9.75 per share or $385.4 million. The buyers include Madison Dearborn Partners and Michael Eisner's The Tornante Company.

Topps got its start in 1938. At first, the company sold chewing gum (such as Bazooka). After World War II, the company moved into other segments, such as trading cards.

However, over the past few years, the company's stock price has gone nowhere. As a result, there has been interest from a variety of activist hedge funds.

Despite the problems, Topps still has a stable of great brands and a strong distribution network. Perhaps Eisner can leverage this with his extensive entertainment contacts. He has also been active in dot-com investments – which could benefit Topps.

The buyout deal has a 40-day go-shop provision, which allows Topps to seek other buyers. But it looks like the valuation is fair.

Although, with the stock price trading at $9.95, investors are betting there may be a rival bid.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.