The board said the Upper Deck tender offer is not in the best interest of shareholders and unanimously recommended that they reject the offer and not tender their shares.
The firm says the terms of the Upper Deck tender offer are substantially similar to the acquisition proposals submitted by Upper Deck to Topps on April 12, 2007 and May 21, 2007.
Topps intends to continue talks with Upper Deck to see if it will up its offer and trump the pending deal with The Tornante Company and Madison Dearborn Partners. There’s no guarantee, however, that a superior transaction will be reached with Upper Deck.
After a review period scheduled to expire on July 17th, while the Topps Board reaffirms its recommendation that Topps stockholders vote for the Tornante-Madison Dearborn deal, it will revisit the Upper Deck offer.