The board of baseball trading card company Topps is considering a bid for the firm made by Upper Deck.
According to Reuters, Topps will advise its shareholders of its position by July 9th.
On Monday, Upper Deck said it would launch a hostile tender offer to acquire Topps for $10.75 a share, or about $425 million in cash. Back on March 5th, however, Topps agreed to be acquired by private equity firm Madison Dearborn Partners, LLC and The Tornate Company LLC, which is run by former Walt Disney Co chief Michael Eisner, for $9.75 per share in cash.
Reuters reported that Topps urged its shareholders to defer making a decision on whether to accept or reject Upper Deck's tender offer until they have been advised of the position of the board.