Before the Topps Co. shareholder vote, Steven Davidoff
didn’t
believe the $385 million buyout would pass muster. Now that it has been
approved,
Davidoff is still
skeptical:
There is still substantial uncertainty that this deal will
close. Almost immediately after the announcement of the shareholder
vote, Crescendo Partners issued its own press release announcing that it
intended to "assert appraisal rights with respect to the shares it owns of The
Topps Company, Inc. in connection with the merger agreement between Topps and
entities owned by Michael D. Eisner and Madison Dearborn Partners, LLC."
In fact, as Davidoff notes elsewhere in his post, Topps won the
vote only after some apparent arm-twisting at the 11th hour. The story may,
indeed, continue. See the Crescendo Partners statement
here.
—The editors
