Upper Deck Pulls Offer For Topps; Tornante-Madison Bid Favored
Upper Deck yesterday ended its bid to acquire Topps, saying that Topps execs “withheld information that was crucial to Upper Deck's financial evaluation” of the company, according to Keith Darcé of the SAN DIEGO UNION-TRIBUNE. Upper Deck said in a statement that shares already acquired through its $417M tender offer for Topps will be returned. Topps execs had “favored the offer” from Tornante Co. and Madison Dearborn Partners, “casting Upper Deck's purchase effort as a cynical ploy to destabilize” the company. But that deal has been “opposed by several shareholder advisory firms because it is valued at $9.75 a share, less than Upper Deck's bid of $10.75 a share, and it generated a lawsuit that accuses Topps' directors of breaching their fiduciary duty by agreeing to sell the company at a price that was too low.” Meanwhile, Topps “reaffirmed its support for the Tornante Madison bid” (SAN DIEGO UNION-TRIBUNE, 8/22). Topps maintains that Upper Deck has “failed to negotiate effectively since receiving antitrust approval weeks ago” (N.Y. POST, 8/22). Topps shareholders are slated to vote on the Tornante Madison deal next week (AP, 8/21).
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