Topps questions takeover bid

Topps Co., the maker of baseball cards and Bazooka bubble gum, questioned how serious Upper Deck Co.’s interest in buying the company was after it failed to review a draft merger agreement based on its $425-million offer.

Upper Deck didn’t respond to attempts to complete the accord after weeks of talks and the expiration of an antitrust waiting period, Topps said in a letter to lawyers for Carlsbad, Calif.-based Upper Deck.

Topps, based in New York, had earlier agreed to be bought by a group led by Michael Eisner, former chief executive of Walt Disney Co.

Upper Deck, a closely held sports-card maker, offered $10.75 a share for Topps in May, about two months after the company said it would sell itself for $9.75 a share to Eisner’s Tornante Co. and buyout firm Madison Dearborn Partners.

Topps shareholders are scheduled to vote on the bid from Eisner’s group Aug. 30.