Upper Deck makes bid for rival Topps
From Times Wire Services
Upper Deck Co., a closely held maker of baseball cards, launched a tender offer Monday to buy shares of rival Topps Co. for $10.75 each.
The offer, which expires July 24, values Topps at about $425 million, Upper Deck said.
Topps has agreed to be acquired by a group led by former Walt Disney Co. Chief Executive Michael Eisner for $9.75 a share. But in a June 14 ruling in a lawsuit filed by Upper Deck, a Delaware judge barred Topps from holding a shareholder vote without making more disclosures about the Eisner bid.
Topps then postponed the vote, which had been scheduled for this week, and said Upper Deck could communicate directly with Topps shareholders.
