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Three proxy advisers have now spoken out against the $9.75 private equity offer for Topps Company Inc (NASDAQ: TOPP). What an ugly mess this has become -- playing out much more like a soap opera than a day at the ballpark. Let's review:- In March, Topps gets an offer to be acquired for $9.75 a share from an investment group led by Michael Eisner's Tornante Co. and Madison Dearborn Partners.
- Topps agrees to the offer.
- In May, Upper Deck steps to the plate with a $10.75 a share counter offer.
- Yesterday, Upper Deck withdraws its offer based on "flawed" negotiations from Topps.
- Topps files with the SEC today, saying Upper Deck misled the company with its offer.
Wedbush Morgan said in June that they believe Topps shares are worth between $11.50 a $12.00. With that in mind, along with the proxy firms' lack of support, the chances of this deal getting done for under $10 a share are not looking realistic.
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