Quote:
Originally Posted by Aquarian Sports Cards
Was it a Topps IPO? I thought they were selling to someone else. Either way the point remains the same. The Fanatics announcement torpedoed Topps' plans.
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My mistake Scott, I misrepresented the deal as an IPO. I had heard that term used in regards to this Topps deal in the past from somewhere, and it sticks in my head. Sorry. LOL
Topps was going to do a merger with Mudrick Capital, which was already a publicly traded company, that would instantly make Topps considered a publicly traded company as well. The reported value assigned to Topps in the merger was something like a value of $10.87 per share of Topps stock, which I believe gave them a supposed market value of somewhere right around $1.3Billion. IIRC, the Fanatics purchase was for about half that amount, maybe $500K, a pretty serious cut in value just a few months after the Mudrick Capital merger fell through, and basically a perceived steal by Fanatics.