USA: Topps company says no decision yet on sale
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."
- Nestle India grows with global, digital innovation
- How Nestle tackles Indian challenges - interview
- Lamb Weston goes it alone: six things to learn
- Analysis: Tyson's shrewd investment in Beyond Meat
- Thailand: convenience to continue to thrive
- Mars launches Maltesers in the US
- Campbell backs US nutrition start-up Habit
- Bel takes majority stake in MOM Group
- Mondelez focuses on margins as sales slip
- Pladis stepping up growth investments
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Packaged Food: Quarterly Statement Q3 2016
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Meat Processing in China - Industry Market Research Report