The Topps Company has announced that the previously disclosed process to evaluate a possible sale of its confectionery business has been terminated.
The process, conducted with the assistance of outside advisors, took nearly seven months to conclude.
“Levels of interest by prospective purchasers during that time were not commensurate with the board’s valuation of the asset,” the company said.
Topps’ confectionery brands include Ring Pop, Push Pop, Baby Bottle Pop and Juicy Drop Pop lollipops, as well as Bazooka bubble gum.
“Our board remains committed to maximizing shareholder value. As such, simultaneous with exploring a possible transaction, management completed its work with outside consultants on a comprehensive strategic review aimed at improving top and bottom line performance of the domestic confectionery and entertainment businesses,” said Arthur Shorin, chairman and CEO.