Trade announcement: Topps will offer stock to the public
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FILE - In this March 6, 2007 file photo, Topps baseball cards are seen in Boston. Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co. said Tuesday, April 6, 2021, that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. (AP Photo/Chitose Suzuki, file)
In addition to its trading cards, fans will soon be able to trade company shares of Topps.
Michelle Chapman
FILE - In this March 6, 2007 file photo, Topps baseball cards are seen in Boston. Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co. said Tuesday, April 6, 2021, that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. (AP Photo/Chitose Suzuki, file) April 06, 2021 - 9:14 AM
In addition to its trading cards, fans will soon be able to trade company shares of Topps.
The company said Tuesday that it will become a publicly traded company this year by tying up with a blank-check company, or SPAC, a special purposes acquisition company.
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Card collectors have been bidding up Topps cards to record heights over the past year. Now, Michael Eisner and hedge fund manager James Mudrick are planning to allow stock investors the same chance with Topps itself; the duo have inked a deal to bring the collectibles business public in a $1.3 billion SPAC deal. A blank check business, Mudrick Capital Acquisition Corp. II, is bringing public Eisner’s closely held Topps in a deal that includes up to $571 million in cash.
Topps looks to go public in $1.3B deal with SPAC
by Michelle Chapman, The Associated Press
Posted Apr 6, 2021 9:36 am EDT
Last Updated Apr 6, 2021 at 9:44 am EDT
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing.
Topps Co. said Tuesday that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. Other investors include GAMCO Investors and Wells Capital Management.
Former Disney CEO Michael Eisner will continue as Topps chairman. His firm, The Tornante Co., which bought Topps in 2007, will roll all of its equity into the new public company, which will keep the name Topps.
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