×

Topps Agrees to Be Bought by Eisner Group for $385.4 Million

Baseball-card maker Topps agreed to be bought by Michael Eisner's Torante and private equity firm Madison Dearborn Partners for $385.4 million in cash.

Topps
Topps

Shareholders of Topps, who must approve the deal, will receive $9.75 a share in cash, a 9% premium over Monday's closing price.

"This will be a change in ownership, not a change in direction," Topps Chairman and CEO Arthur T. Shorin said in a statement. "We look forward to working with an experienced group of investors who understand the creative aspects of our business and are committed to our continued growth."

Shares of Topps are up 8% over the last year, but down nearly 5% over the last three years.

"Topps is a wonderful company with a powerful brand portfolio and a rich history," former Disney CEO Eisner said in a statement. The company also makes other trading cards and Bazooka bubble gum.

Eisner hosts "Conversations with Michael Eisner," which airs on CNBC.