Topps (ticker: TOPP) Chairman and CEO Arthur Shorin discussed his board's decision to cease efforts to sell the confectionery and entertainment product company during management's Q2 2006 earnings results conference call. The following is an exchange between Shorin and analyst Dennis McAlpine from that call:
McAlpine & Associates LLC Analyst Dennis McAlpine
Okay, and then on your announcement on the cessation of looking to sell the Company or sell the confection business, you said that you did not think that the offers from prospective purchasers were commensurate with the Board's valuation of the asset. Could you elaborate somewhat as to how you anticipate getting the valuation of the Confectionery business more up to what the Board thinks it should be?
The Topps Company Chairman and CEO Arthur Shorin
Yes, sure. First if I were to try to summarize the perceptions out there, I think that conclusions were drawn that our productline -- now products themselves are not doing as much volume as we thought would be attractive to people. More than that, although they are entertaining and sometimes interactive and always fun, the products were perceived as novelties even though some of them are over 25 years old.
Just one other point, Dennis, -- and this is not a solid reason. It's kind of hearsay but from what we understand, there is going to be a major acquisition in the Confectionery area. And if that is true, it is possible that we were seen as a distraction to a bigger picture.
(Quotes are from the CCBN StreetEvents transcript.)
Comment: Any idea which company Shorin might be referring to?