Upper Deck Deals Tender Offer Card For Topps

July 16, 2007

For 40 days, the Topps board could shop like Paris Hilton.” Vice Chancellor Leo Strine, Delaware Chancery Court, on Topps’ go-shop provision (prior to Hilton’s incarceration)

Topps Buyout By Michael Eisner, DisneyMichael Eisner’s attempted Mickey Mouse buyout of playing card and Bazooka bubble maker Topps (ticker: TOPP) has been relegated to the history channel after a Delaware court enjoined the deal and allowed Upper Deck to launch a tender offer for Topps’ shares at a premium to Eisner’s proposed price. Topps’ management frustrated all attempts by Upper Deck to buy Topps in a classic example of a principal-agent conflict, where management prefers a financial buyer over the purchase by a competitor in order to keep their jobs, although shareholders would get a bigger payout from a strategic buyer.

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