Topps, the baseball card maker, said on Thursday that it has received a new, unsolicited offer from Upper Deck, as its rival hopes to best a rival bid by two private equity firms. Topps said that Upper Deck has offered $10.75 a share, which it will consider. The firms that Topps has already agreed to sell itself to for $9.75 a share — Madison Dearborn Partners and Tornante, an investment company run by Michael Eisner — have agreed to let the card company explore the offer.
Topps is appeasing a couple of dissident board members who were previously worried that Topps wasn't exploring the highest offer in agreeing to the PE bid. Other Topps board members are worried that Upper Deck may not be able to muster the financing for its most recent proposal.
Upper Deck Enters Fray for Topps [DealBook]