Topps apparently still prefers to deal with a company that doesn’t currently make baseball cards but promises to look at Upper Deck’s latest offer, then report to the shareholders who will decide its future.
Topps waited for the dust to settle after Upper Deck’s new cash takeover bid hit the fan, then told shareholders to chill before making up their minds on whether to consider the $425 million blockbuster deal.
The company indicated it had received the new takeover bid and was reviewing it. Topps also pledged to have a recommendation for its voting shareholders by Monday, July 9. Topps is required by law to issue a statement as to whether it recommends 1) acceptance or rejection of the offer 2) that it has no opinion with respect to the Offer or 3) that it is unable to take a position with respect to the Offer.
According to a news release issued by Topps Tuesday, the company’s Board of Directors "has not made any determination with respect to the Upper Deck tender offer, nor has it changed or amended its recommendation with respect to The Tornante Company LLC and Madison Dearborn Partners, LLC offer."
On March 5, 2007, Topps entered into a definitive agreement to be acquired by The Tornante Company LLC and Madison Dearborn Partners, LLC for $9.75 per share in cash, a deal the company’s leadership still backs.
Topps "urges its stockholders to defer making a determination whether to accept or reject Upper Deck’s tender offer until they have been advised of the position of Topps’ Board of Directors."