Crescendo Partners reports 6.6% stake in Topps

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Topps Co., Inc. shareholders led by Crescendo Partners III, LP bought 147,000 shares of the company's stock on Aug. 1 and Aug. 2 priced from $9.61 to $9.66 per share, as reported in a schedule 13D filing with the Securities and Exchange Commission.

Crescendo Partners owns 2,568,200 shares, or 6.6%, of the New York-based sports card and entertainment products marketer.

On July 30, Crescendo demanded that Topps hold its annual meeting on or before Sept. 25 in compliance with Delaware law. The previous annual meeting was held on Aug. 25, 2006. Topps has since scheduled its meeting for Aug. 30.

Crescendo, as previously reported, is soliciting proxies against the "ill-advised Eisner merger" in the belief that the "price is inadequate and the sale process was flawed." In addition, the shareholder seeks to replace the existing Topps board at the annual meeting and has put forth a slate of nominees.

The Topps board is recommending shareholders vote for the March 5, $9.75-per-share transaction with Michael Eisner's the Tornante Co. LLC and Madison Dearborn Partners, LLC.

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