This is from the linked article: "I have to look over the company's financials tonight, but it looks like the market cap overstates the actual cash cost of purchasing Topps by 25-33% or thereabouts. In other words, it seems an acquirer would be getting "cash back" of about twenty to twenty-five cents per dollar spent buying the company."

I'm very interested in what you find when you look more closely at their financials.