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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (1730)	7/9/2007 10:28:02 AM
From: richardred	Respond to of 7242

Topps Board Against Upper Deck Tender Monday July 9, 8:34 am ET Topps Board Recommends Holders Reject Upper Deck Tender Offer, Co. Still Wants to Talk NEW YORK (AP) -- The board of directors of Topps Co. on Monday recommended shareholders reject Upper Deck's tender offer, but the baseball card and Bazooka gum maker said it still plans to continue talks with its suitor. Upper Deck launched an unsolicited tender offer last month for Topps valued at $425 million in cash, or $10.75 per share. Topps agreed in March to be acquired by Michael Eisner's Tornante Co. and Chicago-based private equity firm Madison Dearborn Partners LLC for $9.75 per share in cash. Topps said Upper Deck's tender offer is "substantially similar" to takeover bids submitted by the company in April and May. However, Topps said it plans to continue talks with Upper Deck to see if it can come up with a deal that would be superior to the Tornante-Madison Dearborn transaction. Topps' board said it still recommends the Tornante-Madison Dearborn acquisition, but plans to reevaluate the Upper Deck proposal after the tender offer's antitrust regulatory review period expires. The board said it reserves the right to alter its recommendation on the tender offer in the future if circumstances change. Upper Deck competes with Topps in the sports memorabilia market. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. biz.yahoo.com