Chief trading card rival Upper Deck is making a last-minute move on Topps. The company made an unsolicited US$416-million bid (US$10.75 per share) yesterday, besting the US$385-million (US$9.75 per share) offer made by Michael Eisner’s Tornante Company and Madison Dearborn Partners on March 5, 2007.
Upper Deck made an initial play in the 40-day period that followed the Tornante/Dearborn offer, during which time Topps was soliciting superior proposals. However, Topps’ board of directors ended talks when it found the Cheyenne, Nevada-based rival did not have financing in place.
So far, the Topps board has not withdrawn its support for the Tornante/Dearborn acquisition and has noted that ‘there are material outstanding issues’ associated with Upper Deck’s latest bid, including questions as to whether or not it could finance the deal and the possibility that the merger of the two top trading card manufacturers would violate US antitrust laws.
Topps shares have risen by 5% to US$10.26 in the past day.