Hedge Fund Battles to win Topps
Thursday, April 27, 2006 : PermalinkNew York Post – A feisty hedge fund has revived its battle for control of Brooklyn-based Topps, after the legendary maker of baseball cards and Bazooka gum failed to sell itself lastyear.
Pembridge Capital Management, which owns 1 percent of The Topps Co. shares, re-launched its proxy fight yesterday to put three handpicked members on the company’s board and allow a minority group of shareholders to oust other board members.
A vote on the resolution could come at the annual meeting, which has not been scheduled. Last year’s meeting was held on June 30.
Shares in the 67-year-old Topps have traded sideways for years as both of its businesses – confections and entertainment – have struggled.
Pembridge threatened Topps with a proxy fight last year, but called it off when the company hired Lehman Brothers to sell its confectionery business, which accounts for more than half the company’s $294 million in annual sales.