Baseball-card maker Topps Co. said its shareholders have approved the $385 million buyout bid from Michael Eisner's Tornante Co. and private-equity firm Madison Dearborn Partners LLC, based on a preliminary vote count at Wednesday's special meeting, the Wall Street Journal reports.
The transaction is expected to close in October, the company said in a press release.
Topps said it will announce the final vote results after they are tabulated and certified, which the company expects to occur within five to 10 business days. The company didn't release the numbers from the preliminary tally.
Earlier in the day, Topps postponed the special meeting by several hours because "the number of votes cast in favor of the transaction is not sufficient to approve the transaction." Delaware state law requires a majority of total shares to be in favor of the deal for approval.
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