Memorabilia authenticator Collectors Universe (CLCT) jumped nearly 20% Wednesday after the company announced that the investment group led by collector Nat Turner, D1 Partners and Cohen Private Ventures has increased its acquisition offer to $92 per share in cash.

The new offer represents an 18% premium over the company's closing price on Tuesday, and a 32% premium over its share price on Nov. 25, the last day of trading before Collectors Universe announced the original offer.

"This enhanced, 'best and final' offer recognizes the strong momentum in our business and provides certainty of value in an uncertain economic environment," said Collectors Universe board chairman, A.J. Moyer. "While the Board has a high degree of confidence in management's plan, it also believes that there is a significant risk that the Company's recent growth rate will decline over time."

The announcement came in the same release as the company's preliminary second quarter results.

The Newport Beach, Calif.-based company expects revenues for the quarter ended Dec. 31 of $35.4 million, with a gross margin of 64% and operating income of approximately $10 million.

Collectors says the second quarter performance is attributable to an increase in "top-tier services" performed by its PSA division, which provides trading card grading and professional sports memorabilia authentication.

The ante has been upped but at least two of the larger shareholders of Collectors Universe stock still don't believe it's enough to support acceptance of a buyout deal.

Sean Berger, President of Adirondack Retirement Specialists, which owns over 271,000 shares representing an approximate 2.9% equity interest in CU, is telling his clients he believes the parent company of grading and authentication giant PSA is worth more than the current proposal. Seeking Alpha reported that Pembroke Management, which owns a slightly larger number of shares, also planned not to tender its shares.

"We felt quite strong about the situation, which is why we find ourselves doing this," partner Stephen Hui was quoted as saying.

To read the complete articles, see:
Collectors Universe Jumps on New, Higher Acquisition Offer(https://www.thestreet.com/investing/collectors-universe-jumps-on-new-higher-takeover-offer)
Collectors Universe and Investor Group Led by Entrepreneur and Collector Nat Turner Amend and Restate Merger Agreement to Increase Offer Price to $92.00 Per Share in Cash(https://www.globenewswire.com/news-release/2021/01/20/2161436/0/en/Collectors-Universe-and-Investor-Group-Led-by-Entrepreneur-and-Collector-Nat-Turner-Amend-and-Restate-Merger-Agreement-to-Increase-Offer-Price-to-92-00-Per-Share-in-Cash.html)
2 Collectors Universe Shareholder Groups Opposed to Revised Deal(https://www.sportscollectorsdaily.com/collectors-universe-shareholder-ars-opposed-to-revised-collectors-universe-deal/)

To read the earlier E-Sylum articles, see:
PCGS PARENT COLLECTORS UNIVERSE PURCHASED(https://www.coinbooks.org/v23/esylum_v23n49a11.html)
FEIGENBAUM: COINS ECLIPSED BY SPORTS CARDS(https://www.coinbooks.org/v23/esylum_v23n49a12.html)