Upper Deck revealed yesterday that the way has been cleared for its proposed acquisition of trading card company Topps.
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the merger expired on Friday August 3rd.
As revealed previously, Upper Deck - through its direct wholly-owned subsidiary UD Company - commenced a tender offer for all outstanding shares of Topps at a price of $10.75 per share net to the seller in cash without interest, less brokerage fees and less any required withholding taxes.
The tender offer is due to expire at midnight (New York time) on Friday August 10th. As of August 3rd, 10,826,327 shares had been tendered (27.9 per cent of the outstanding shares).