A Bid for Topps, the Baseball Card Company
Published: May 25, 2007
PHILADELPHIA, May 24 (Reuters) — Topps, the baseball trading card company, said Thursday that it had received a $424 million takeover offer from the Upper Deck Company that exceeds its $385 million agreement to be bought by a private equity firm and an investment group led by Michael D. Eisner, the former chief of Walt Disney.
In March, Topps agreed to be acquired by Madison Dearborn Partners and Tornante, an investment firm run by Mr. Eisner, for $9.75 a share. Upper Deck, which publishes sports trading cards and other memorabilia, offered $10.75 a share.
Topps said that Tornante and Madison Dearborn had granted it permission to hold negotiations with Upper Deck. The Topps board has not made any determination whether Upper Deck’s overture would lead to a superior offer.
Upper Deck could not be immediately reached for comment.