Topps Sued By Upper Deck For Breach Of Confidentiality

Topps and some of its BOD members are being sued by Upper Deck, which “claims Topps breached a confidentiality agreement that was signed when the companies started merger negotiations,” according to Zachery Kouwe of the N.Y. POST. Upper Deck “wants to launch a hostile offer” for Topps that “could derail a $385[M] takeover” by Michael Eisner’s Tornante Co. and Madison Dearborn Partners. Upper Deck topped that offer last month but claims that Topps has "shut [it] out from negotiations and has refusesd to turn over sensitive financial information.”  Topps "claims it has negotiated in good faith with Upper Deck and there is significant antitrust risk in selling the company to a rival.” Upper Deck is also seeking an injunction to block shareholders from voting June 28 on the sale to Tornante and Madison Dearborn. The Delaware Court of Chancery has scheduled a June 11 hearing on the suit (N.Y. POST, 6/7).