Entertainment and confectionery company Topps has responded to market rumours by announcing that no decision has yet been made on whether to sell the company.

"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" it said. "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," it said. "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," it said. "Moreover, the company does not intend to make any further comments in response to rumours concerning any asset sale or similar transaction unless a definitive agreement about such an event has been executed."