Sports card enthusiasts and bubblegum chewers will be happy to know that Topps accepted Michael Eisner's $385 million takeover bid yesterday. Except maybe it's not gonna happen. Business stories confuse me.
[Topps director Arnaud] Ajdler said Tuesday he had not yet been in touch with other major shareholders but he thought the deal should be abandoned because negotiations did not go through a proper process and that the Eisner-led offer undervalues the company.
"I believe that the process that led to the signing of the merger agreement was flawed in that the board of directors did not shop the company and thus failed to maximize the competitive dynamics of a sale transaction that would have garnered the highest price available," Ajdler wrote in a letter sent to board members on Tuesday.
I don't buy it. No way is Topps worth more than that. They sell baseball cards, Bazooka gum, and Ring Pops. Only one of those has any market value, and it sure ain't the concrete-laced gum or the overpriced pieces of cardboard. Ring Pops, on the other hand… you can eat it AND wear it. Amazing.