sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 7)(1)
The Topps Company, Inc.
-----------------------
(Name of Issuer)
Common Stock, $.01 Par Value
----------------------------
(Title of Class of Securities)
890786106
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 26, 2007
--------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
----------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
---------------------- ----------------------
CUSIP No. 890786106 13D Page 2 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO PARTNERS II L.P., SERIES Y
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,547,700
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,547,700
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,547,700
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 3 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO INVESTMENTS II, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,547,700
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,547,700
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,547,700
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 4 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CRESCENDO ADVISORS LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 100
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 5 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ERIC ROSENFELD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,547,900
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,547,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,547,900
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 6 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ARNAUD AJDLER
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,301
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
- 0 -
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,301
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 7 of 14 Pages
---------------------- ----------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE COMMITTEE TO ENHANCE TOPPS
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
N/A
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,550,201
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,547,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,550,201
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------- ----------------------
CUSIP No. 890786106 13D Page 8 of 14 Pages
---------------------- ----------------------
The following constitutes Amendment No. 7 ("Amendment No. 7") to
the Schedule 13D filed by the undersigned. This Amendment No. 7 amends the
Schedule 13D as specifically set forth.
Item 2 is hereby amended to add the following:
On April 26, 2007, The Committee to Enhance Topps (the "Committee"),
consisting of Crescendo Partners II L.P., Series Y, Crescendo Investments II,
LLC, Crescendo Advisors LLC, Eric Rosenfeld and Arnaud Ajdler, filed preliminary
proxy materials in connection with the solicitation of proxies against a
proposed merger between the Issuer and a buyout group that includes Madison
Dearborn Partners, LLC and an investment firm controlled by Michael Eisner.
Accordingly, as of April 26, 2007, the Committee is a Reporting Person together
with the existing members of the Section 13(d) group.
The Committee is not a business entity and has no place of organization.
Item 4 is hereby amended to add the following:
On April 26, 2007, the Committee filed a preliminary proxy statement
with the Securities and Exchange Commission ("SEC") in connection with the
solicitation of proxies against a proposal to approve the merger between the
Issuer and a buyout group that includes Madison Dearborn Partners, LLC and an
investment firm controlled by Michael Eisner (the "Merger Proposal"), which will
be voted on at a meeting of the Issuer's stockholders.
On April 26, 2007, the Committee issued a press release announcing
(i) that the Committee filed a preliminary proxy statement with the SEC and (ii)
that it had delivered a letter dated April 26, 2007, to the Issuer's
shareholders in which the Committee expresses strong opposition to the Merger
Proposal for the following reasons: (1) that the $9.75 per share merger
consideration proposed to be paid to the Issuer's stockholders is inadequate,
(2) that better alternatives exist for maximizing stockholder value, (3) that
the process that led to the signing of the merger agreement was flawed and (4)
that the deal-protection terms of the "go-shop" provision under the merger
agreement do not provide for a sufficient, post-signing market check. A copy of
the press release, with attached letter, is attached hereto as Exhibit 6 and is
incorporated herein by reference.
THE COMMITTEE ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE
DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL
BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN
ADDITION, THE PARTICIPANTS IN THE PROXY SOLICITATION WILL PROVIDE COPIES OF
THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD
BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., BY
CALLING (800) 628-8532.
THE PARTICIPANTS IN THE PROXY SOLICITATION ARE ANTICIPATED TO BE THE
REPORTING PERSONS. STOCKHOLDERS OF THE ISSUER MAY OBTAIN INFORMATION REGARDING
THE PARTICIPANTS' DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR
OTHERWISE, IN THE ISSUER BY REFERRING TO ITEM 5 OF THIS SCHEDULE 13D.
Item 7 is hereby amended to add the following exhibits:
6. Press Release, with attached letter, dated April 26, 2007.
---------------------- ----------------------
CUSIP No. 890786106 13D Page 9 of 14 Pages
---------------------- ----------------------
SIGNATURES
----------
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 2, 2007 CRESCENDO PARTNERS II, L.P., SERIES Y
By: Crescendo Investments II, LLC
General Partner
By: /s/ Eric Rosenfeld
---------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO INVESTMENTS II, LLC
By: /s/ Eric Rosenfeld
---------------------------------
Name: Eric Rosenfeld
Title: Managing Member
CRESCENDO ADVISORS LLC
By: /s/ Eric Rosenfeld
---------------------------------
Name: Eric Rosenfeld
Title: Managing Member
THE COMMITTEE TO ENHANCE TOPPS
/s/ Eric Rosenfeld
-------------------------------------
Name: Eric Rosenfeld
Title: Authorized Signatory
/s/ Eric Rosenfeld
-------------------------------------
ERIC ROSENFELD
/s/ Arnaud Ajdler
-------------------------------------
ARNAUD AJDLER
---------------------- ----------------------
CUSIP No. 890786106 13D Page 10 of 14 Pages
---------------------- ----------------------
EXHIBIT INDEX
Exhibit Page
------- ----
6. Press Release, dated April 26, 2007. 11-14
---------------------- ----------------------
CUSIP No. 890786106 13D Page 11 of 14 Pages
---------------------- ----------------------
FOR IMMEDIATE RELEASE
---------------------
THE COMMITTEE TO ENHANCE TOPPS FILES PRELIMINARY PROXY
MATERIALS WITH THE SEC
Delivers Letter to Topps Stockholders Expressing its Strong Opposition to the
'Inadequate' Proposed Offer
-----------------------------------------------------------------------
NEW YORK, NY - APRIL 26, 2007 - The Committee to Enhance Topps announced today
that it has filed preliminary proxy materials with the Securities and Exchange
Commission in connection with the solicitation of proxies against a proposed
merger between The Topps Company, Inc. (NASD:TOPP) and a buyout group that
includes Madison Dearborn Partners, LLC and an investment firm controlled by
Michael Eisner, which will be voted on at a special meeting of Topps
stockholders. In addition, the Committee announced that it has delivered a
letter to Topps stockholders expressing its strong opposition to the proposed
offer.
Full text of the letter follows:
THE COMMITTEE TO ENHANCE TOPPS
April 26, 2007
Dear Fellow Topps Stockholder:
The Committee to Enhance Topps (the "Committee") is a significant stockholder of
The Topps Company, Inc. ("Topps"), owning approximately 6.6% of its outstanding
common stock. We are writing to our fellow stockholders because Topps has
entered into an ill-advised agreement to be acquired by entities controlled by
Michael D. Eisner and Madison Dearborn Partners, LLC at a price of $9.75 per
share. We are strongly opposed to the acquisition of Topps because, among other
things, the proposed price to be paid for your Topps shares is inadequate and
there are better choices available for maximizing stockholder value.
THE COMMITTEE STRONGLY OPPOSES THE INADEQUATE $9.75 PROPOSED OFFER
We believe that the proposed acquisition is not in the best interest of Topps
stockholders. We are strongly opposed to this transaction. Consider the
following:
1) THE $9.75 PER SHARE MERGER CONSIDERATION PROPOSED TO BE PAID BY MR. EISNER
AND HIS PARTNERS TO THE COMPANY'S STOCKHOLDERS IS INADEQUATE. IT DOES NOT
FULLY REFLECT THE INTRINSIC VALUE OF YOUR COMPANY'S SHARES.
o The price presents only a Mickey Mouse-like 3% premium to the average
closing price of Topps' shares for the 20-trading days preceding the
signing of the merger agreement.
---------------------- ----------------------
CUSIP No. 890786106 13D Page 12 of 14 Pages
---------------------- ----------------------
o Since the date the merger agreement was signed, the Company's stock has
been consistently trading at prices higher than the proposed $9.75 per
share offer price, trading as high as $10.17 on April 19, 2007.
o The Company fails to tell you that the most recent proposed stock
repurchase program that was approved by the Topps Board for the period
September 2005 through September 2006 had a top price of $10.62 per
share. The Committee does not understand how management and the Topps
Board on the one hand can recommend buying shares up to $10.62 per
share, but on the other hand approve the sale of the Company at $9.75
per share, particularly given the improvements in the Company's
financial performance in the first three quarters of fiscal year 2007.
2) A BETTER ALTERNATIVE EXISTS FOR MAXIMIZING STOCKHOLDER VALUE.
o If the merger is voted down, we intend to nominate a slate of highly
qualified business executives to replace the members of the existing
Topps Board. Our nominees will be dedicated to acting in the best
interest of all Topps stockholders and will take all necessary steps to
maximize stockholder value.
o As a first step, we would recommend a modified "Dutch Auction" tender
offer be conducted to buy back $110 million of shares between $10.00 to
$10.50 per share. Such a tender offer would have multiple advantages,
which include (i) fixing the capital structure by placing a limited
amount of debt on the Company, (ii) providing current liquidity to
investors at a higher price per share than the proposed merger and
(iii) providing long-term stockholders the ability to participate in
the Company's future growth in a more levered way.
o We believe that the Company should hire a new CEO with extensive
marketing and turnaround experience, and who would bring a fresh
perspective to the organization in order to improve the operations of
the Company. It is time to end the nepotism at Topps, which we believe
is the driving force behind senior management's failure to take
advantage of new business opportunities.
o The Company has just started to reap the benefits of its turnaround
plan. Why let Mr. Eisner and his cohorts receive the benefits of the
wide range of business opportunities available to the Company? It is
time to stop private equity firms from taking value away from public
stockholders!
3) THE PROCESS THAT LED TO THE SIGNING OF THE MERGER AGREEMENT WAS FLAWED.
o The Topps Board did not shop the Company prior to signing the Merger
Agreement and thus failed to maximize the competitive dynamics of a
sale transaction that could have garnered the highest price possible
for the Company.
4) THE DEAL-PROTECTION TERMS OF THE "GO-SHOP" PROVISION UNDER THE MERGER
AGREEMENT DO NOT PROVIDE FOR A SUFFICIENT, POST-SIGNING MARKET CHECK.
o The Committee believes that the terms of the "go-shop" provision under
the merger agreement were designed to deter rather than encourage the
solicitation of alternative proposals. Therefore, we believe that any
---------------------- ----------------------
CUSIP No. 890786106 13D Page 13 of 14 Pages
---------------------- ----------------------
implication by the Company that contacting more than 100 companies
during the "go-shop" period provides for a substantial post-signing
market check is a 'smokescreen.'
o You should know that the Topps Board ceased negotiations and
discussions with a potential bidder that had offered to pay $10.75 per
share, a 10.3% premium to Eisner's inadequate offer. The Company ceased
negotiations and discussions with the bidder using as a convenient
excuse the restrictive "go-shop" provision in the merger agreement.
This does not appear to the Committee to be an effective post-signing
market check.
NOT ONLY DOES THE $9.75 OFFER PRICE FALL SHORT, BUT SO DOES THE
PROCESS UTILIZED IN ARRIVING AT THE PRICE.
Because the Topps Board failed to maximize value for all Topps stockholders, on
April 26, 2007, we filed preliminary proxy materials with the Securities and
Exchange Commission to formally oppose the merger proposal and Eisner's Uncle
Scrooge-like offer. We are not seeking your proxy at this time, but after we
file our definitive proxy material, we will be sending you our proxy statement
and GOLD proxy card. If you receive Topps' white proxy card, please do not vote
the white proxy until you have had a chance to review our solicitation
materials.
If you have any questions, please feel free to call us directly at
(212) 319-7676. You may also call D.F. King & Co., Inc., which is assisting
the Committee, toll-free at (800) 628-8532.
Sincerely yours,
Eric Rosenfeld & Arnaud Ajdler
The Committee to Enhance Topps
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Crescendo Partners II, L.P., Series Y ("Crescendo Partners II"),
together with the other participants named herein, has made a preliminary filing
with the Securities and Exchange Commission ("SEC") of a proxy statement and an
accompanying proxy card to be used to solicit votes in connection with the
solicitation of proxies against a proposed merger between The Topps Company,
Inc. (the "Company") and a buyout group that includes Madison Dearborn Partners,
LLC and an investment firm controlled by Michael Eisner, which will be voted on
at a meeting of the Company's stockholders.
CRESCENDO PARTNERS II ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE
---------------------- ----------------------
CUSIP No. 890786106 13D Page 14 of 14 Pages
---------------------- ----------------------
AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE
PARTICIPANTS IN THE PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY
STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., BY CALLING (800)
628-8532.
The participants in the proxy solicitation are Crescendo Partners II,
L.P., Series Y, a Delaware limited partnership ("Crescendo Partners II"),
Crescendo Investments II, LLC, a Delaware limited liability company ("Crescendo
Investments II"), Crescendo Advisors LLC, a Delaware limited liability company
("Crescendo Advisors"), Eric Rosenfeld and Arnaud Ajdler (the "Participants").
Crescendo Partners II beneficially owns 2,547,700 shares of Common Stock
of the Company. As the general partner of Crescendo Partners II, Crescendo
Investments II may be deemed to beneficially own the 2,547,700 shares of the
Company beneficially owned by Crescendo Partners II. Crescendo Advisors
beneficially owns 100 shares of the Company. Eric Rosenfeld may be deemed to
beneficially own 2,547,900 shares of the Company, consisting of 100 shares held
by Eric Rosenfeld and Lisa Rosenfeld JTWROS, 2,547,700 shares Mr. Rosenfeld may
be deemed to beneficially own by virtue of his position as managing member of
Crescendo Investments II and 100 shares Mr. Rosenfeld may be deemed to
beneficially own by virtue of his position as managing member of Crescendo
Advisors.
Mr. Ajdler beneficially owns 2,301 shares of the Company.
# # #