Topps shares fall as suitor drops bid
Shares of baseball card company Topps Co. fell 7% on Wednesday after hostile suitor Upper Deck Co. dropped its $417-million bid, leaving Topps with a $378-million offer from a buyout group and a firm led by former Walt Disney Co. Chief Executive Michael Eisner.
Topps said it planned to “hold Upper Deck accountable for all damages suffered by Topps and our stockholders, as a result of Upper Deck’s actions.”
In May, Upper Deck disclosed its unsolicited offer of $10.75 a share, which topped the buyout group’s bid of $9.75. Upper Deck launched a hostile tender offer in June, bypassing Topps management and bringing its bid directly to Topps shareholders.
Topps shares had risen 2.3% from May 23, the day before the Upper Deck offer emerged, through Aug. 21 when Upper Deck walked away. Shares of Topps closed Wednesday at $9.28, down 73 cents.
