Upper Deck is still interested in buying Topps and Topps says it’s still interested in Upper Deck but the two biggest card companies continue to exchange unpleasantries.
Upper Deck was called out by Topps on Wednesday when the New York-based company sent out a press release saying it was "surprised and frustrated" that it hadn’t heard back from Upper Deck immediately after an anti-trust concern was resolved last Friday.
Thursday, Upper Deck fired back with a letter and news release of it’s own, saying they were frustrated that Topps hasn’t been willing to get serious about an offer which beats the one from a Michael Eisner-led group by $1 per share.
"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," the letter stated.
Publicly, Topps insists it is still interested in the bid from its California-based rival, but has made no secret of its preference for the deal offered by Madison Dearborn Partners/Tornante Company. Topps had indicated Upper Deck would need to confirm that financing remains in place and complete other details of its buyout offer but Upper Deck believes it already has the pieces in place for Topps shareholders to consider.
On Thursday, Upper Deck responded to Topps letter by saying that its financing remains in place and that Topps was providing shareholders with "false and misleading information" that was "manufactured for the purpose of blocking Upper Deck’s acquisition of Topps."