The Upper Deck Company on Friday announced that it is extending its previously announced tender offer for all outstanding shares of The Topps Company, Inc. (Nasdaq: TOPP) (Topps), until 12:00 midnight, New York City time, on August 29, 2007, (which is the end of the day on August 29, 2007).
As announced previously, on June 25, 2007, The Upper Deck Company, through its direct wholly-owned subsidiary, UD Company, Inc., commenced a tender offer for all outstanding shares of Topps at a price of $10.75 per share net to the seller in cash without interest, less brokerage fees and less any required withholding taxes. Subsequently, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR), with respect to Upper Deck's pending acquisition of Topps, expired on Friday, August 3, 2007.
The tender offer was previously set to expire at 12:00 midnight on Friday, August 10, 2007, and as of this morning, 11,829,601 shares have been tendered (30.52% of the outstanding shares).
The Upper Deck Company has retained CIBC World Markets Corp. as financial advisor and Liner, Yankelevitz Sunshine & Regenstreif LLP as legal counsel.
Maury Brown is the founder and president of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football and The Biz of Basketball (The Biz of Hockey will be launching shortly). He is also a contributor to Baseball Prospectus.
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