Topps ordered to delay vote on deal

Topps Co., the baseball trading-card maker that agreed to be sold to a group led by former Walt Disney Co. Chief Executive Michael Eisner, must postpone a shareholder vote on the deal until rival Upper Deck Co. can make a bid, a judge ruled Thursday.

Delaware Chancery Judge Leo Strine Jr. ordered the Topps board to disclose additional information about “Eisner’s assurances that he would retain existing management” and to delay a shareholder vote that was set for June 28 until Upper Deck can make an offer.

“We think the court’s opinion is an important vindication of shareholders’ rights,” said Seth Rigrodsky, a Wilmington, Del.-based lawyer for Topps shareholders seeking more money for their stock.

Eisner’s Tornante Co. and Madison Dearborn Partners offered $9.75 a share, or $384.5 million.

The board of New York-based Topps accepted the offer in March. Upper Deck, which has offices in Carlsbad, Calif., last month said it would pay $10.75 a share, or $416 million.

Topps spokesman Jim Golden and Upper Deck spokesman Don Williams wouldn’t immediately comment.

Shares of Topps fell 7 cents to $10.14.