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Topps Receives Unsolicited Buyout Offer From Upper Deck
Published May 25, 2007
REAX: Wedbush Morgan Securities analyst Sean McGowan said, “If the Upper Deck offer firms up, we believe there is a good chance that (Tornante) will raise its bid to meet or exceed the $10.75 offer” (N.Y. POST, 5/25). More McGowan: “Upper Deck sees an opportunity to buy its biggest competitor in baseball cards and realize substantial profits from putting the two operations together.” In San Diego, Jennifer Davies notes MLB last year cut the trading-card companies it had licensing deals with to Topps and Upper Deck. Sources said that the move has “spurred increased interest in baseball cards as the two companies pumped up the marketing and promotions for their respective baseball-card offerings” (SAN DIEGO UNION-TRIBUNE, 5/25). Beckett Media CEO Peter Gudmundsson said that some “fear putting the $700[M]-a-year baseball card industry in a single company’s hands could be bad for the business.” Gudmundsson: “Monopolies don’t benefit anyone but the monopolist” (USA TODAY, 5/25).