The Topps Company, Inc. Responds to Market Rumors
The Topps Company, Inc. (TOPP) today made the following statement in response to market rumors:
In 2004, the Board of Directors of The Topps Company authorized management to retain an outside consulting
firm to conduct a thorough strategic review of its domestic businesses, and to help develop opportunities
to increase shareholder value.
As an outgrowth of that strategic review, in early 2005, the Board retained Lehman Brothers to study various
alternatives, including without limitation, the evaluation of a sale of the Company's confectionery business.
That study is ongoing. However, no decision has been made at this point as to whether any sale or other transaction
will be pursued.
Additionally, the Board also authorized the outside consulting firm to conduct a second phase of the strategic
review focused on improving operational processes, methods and procedures across the entire business, domestic
and international. That review is expected to be completed in the next 90 days.
As previously disclosed, the Company suspended its stock repurchases during its fiscal fourth quarter and will
continue in that mode until a public announcement regarding repurchases is made. Moreover, the Company does not
intend to make any further comments in response to rumors concerning any asset sale or similar transaction unless
a definitive agreement about such an event has been executed.
Important Additional Information Will Be Filed with the SEC
Topps will be filing a proxy statement with a White proxy card for the election of directors nominated by the Board
of Directors with the Securities and Exchange Commission (SEC). TOPPS STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN
Investors will be able to obtain free copies of the Proxy Statement filed with the SEC by Topps through the website
maintained by the SEC at www.sec.gov. In addition, investors
will be able to obtain free copies of the Proxy Statement from Topps by contacting Corporate Secretary, c/o The Topps
Company, Inc., One Whitehall Street, New York, NY 10004.
Topps and its directors and executive officers will be soliciting proxies from stockholders of The Topps Company Inc.
in connection with the election of directors nominated by the Board of Directors. Information concerning these
participants and their interests in the solicitation will be set forth in the proxy statement regarding the election
of directors when it is filed with SEC.
About The Topps Company, Inc.
Founded in 1938, Topps is a leading creator and marketer of distinctive confectionery and entertainment products.
The Company's confectionery brands include "Ring Pop," "Push Pop," "Baby Bottle Pop"
and "Juicy Drop Pop" lollipops as well as "Bazooka" bubble gum. Topps entertainment products
include trading cards, sticker album collections, and collectible games. For additional information,
Source: The Topps Company, Inc.
Date: May 17, 2005
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