Topps says suitor can pursue its bid

Topps Co., the maker of baseball cards and Bazooka bubble gum, said Upper Deck Co. was free to begin a $425-million bid for the company after an antitrust waiting period ended. The shares gained the most since a group led by Michael Eisner made a lower offer in March.

Topps, based in New York, continues to negotiate with sports-memorabilia maker Upper Deck, a closely held company based in Carlsbad, Calif. Topps said its board still supported the $384.5-million offer from a group led by Eisner, Walt Disney Co.’s former chief executive.

Shares of Topps rose 67 cents, or 7%, to $10.18.