Friday, July 28, 2006

Topps Announces Compromise Slate of Directors

The bitter yearlong proxy contest at Topps has drawn to a close: the trading card and candy maker and the hedge funds that have hounded it will expand its board of directors and embrace a compromise slate, the two sides said in a press release this afternoon. A vote on the revised list of nominees will be held on Aug. 25.

The agreement between Topps and the two hedge funds, Pembridge Capital Management and Crescendo Partners, will expand the board of directors from nine to 10 positions. Chairman and chief executive Arthur T. Shorin will join the slate of three nominees proposed by the hedge funds, including Pembridge manager Timothy E. Brog.

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