P.M. BRIEFING : Topper Drops Emhart Takeover Bid

Topper LP, the investment partnership controlled by the Getty and Fisher families, today bowed out of the $2.7-billion battle for Emhart Corp., saying it had agreed not to challenge Black & Decker Corp.’s higher offer for the hardware and machinery maker.

Black & Decker, a leading tool maker, entered the takeover battle this month as a “white knight,” offering $40 a share in cash to rescue Emhart from Topper’s hostile $2.4-billion, $35-a-share bid.

Topper, which owns almost 8% of Emhart, said in a statement that it will not raise or alter its $35-a-share offer and will settle litigation it had brought against Black & Decker. Under the accord, Black & Decker will pay Topper $21 million after the consummation of its tender offer.

The agreement prohibits Topper or any of its affiliates from acquiring Black & Decker stock for 10 years.