Former Disney CEO Taking New Sports Company Public via SPAC
Topps, one of the premier names in baseball cards, will soon be a publicly traded entity. The company will be folding itself into the special purpose acquisition company, or SPAC, currently called Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS). Eventually though, it will trade as "Topps" using the ticker "TOPP."
Former Walt Disney (NYSE: DIS) CEO Michael Eisner is a key player in the transition. He co-purchased Topps with Madison Dearborn Partners LLC in 2007, and while he's exiting his stake now, he will remain chairman of the newly public company. GAMCO Investors and Wells Capital Management are key investors of Mudrick Capital Acquisition Corporation II, injecting much of the capital that will generate net proceeds of $571 million.
The deal values the Topps company at $1.3 billion, versus last year's revenue of $567 million.
Source Fool.com
