Topps' shareholders approved a $385.4 million private-equity takeover of the baseball card and Ring Pop candy maker, the company said Wednesday. CEO Arthur Shorin told shareholders that the deal had enough votes to pass at the end of a special meeting. The meeting had been postponed three times as the company sought the votes it needed. Michael Eisner's Tornante investment firm and Madison Dearborn Partners agreed in March to take the company private for $9.75 a share.
Disney, News vote
A Credit Suisse analyst said Wednesday that he prefers News Corp. and Disney as investment options in the diversified media sector over Time Warner and Viacom. In a client note, Heath Terry initiated coverage on the large-capitalization media sector at "market weight," saying the sector offers average growth and return levels. Based on stock prices, the analyst rates News Corp. and Disney "outperform" and TW and Viacom "neutral."
Fox Business Network on Wednesday named Jeff Flock, Shibani Joshi and Connell McShane reporters. Flock, who will be based in Chicago, spent 24 years at CNN in various capacities. Joshi, based in New York, joins from her role as a reporter covering breaking news at News 12 Westchester. McShane, also based in New York, was with Bloomberg Television.