Upper Deck has terminated its tender offer for trading card firm Topps, citing the 'flawed' manner in which its rival conducted itself through the process as a key reason, according to internet reports this morning.
Upper Deck had become embroiled in a bidding war for Topps with a group led by the former chief executive of The Walt Disney Company Michael Eisner and Chicago-based provate equity firm Madison Dearborn Partners. The group had offered $9.75 a share for Topps, although Upper Deck came in with a hostile bid of $10.75 per share.
Just last week, a key hurdle to the proposed buy out was cleared when the waiting period for the Hart-Scott-Rodino Act expired without any actions from the government challenging the deal.
However, Topps had already gone public with a letter criticising Upper Deck for not finalising the deal. This caused Upper Deck to respond with: "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."