Investor votes in favor of Topps takeover proposal

NEW YORK -- Money manager Mario Gabelli said on Tuesday he supports a private equity takeover of baseball card maker The Topps Co.

Gabelli, who owns roughly 7 percent of the company through his investment funds, is among the biggest shareholders voting in a special shareholder meeting scheduled for this morning.

Topps has approved a $9.75 per share buyout offer from investment firms Tornante Co. and Madison Dearborn Partners LLC. Tornante is an investment firm controlled by Disney's ex-chief executive, Michael Eisner.

Hedge funds Crescendo Partners and Pembridge Capital Management LLC have opposed the deal from the start. They each hold a seat on Topps' board. Crescendo owns about 6.6 percent of 38.76 million outstanding shares.

Late Monday, Tornante and Madison Dearborn reiterated that they would not raise their bid, a warning of sorts to shareholders ahead of Wednesday's vote.

A Morgan Joseph & Co. analyst, Jeffrey Blaeser, told investors on Tuesday that the buyout appeared to be a long shot.

Topps shares fell 4 cents to $9.15 Tuesday.