Topps/Upper Deck battle continues

Letters reveal frustrations over acquisition negotiations.
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Another week, but there's still no resolution to the Topps Company and Upper Deck acquisition drama.

Last week, the proposed buy out of Topps by Upper Deck cleared the anti-trust hurdle when the waiting period for the Hart-Scott-Rodino Act expired without any actions from the government challenging the deal.

However, the removal of this barrier did not lead to any immediate deal. On Wednesday, Topps went public with a letter criticising Upper Deck for not finalising the deal.

It said: "Upper Deck's behaviour has raised an increasing amount of skepticism among our directors as to whether Upper Deck truly intends to acquire Topps, or whether it is simply taking steps to interfere with the current transaction with Tornate-MDP and other harm Topps' business. We urge Upper Deck to start behaving like a motivated buyer if in fact it wishes to acquire Topps."

On Thursday, Upper Deck responded with a letter expressing its frustrations with Topps and reiterating its desire to acquire the company.

It said: "Upper Deck has been steadfast in its desire to acquire Topps and has gone to great lengths and expense in the face of equally steadfast determination by Topps to prevent Upper Deck from acquiring Topps."

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