It turns out the saga of the sale of Topps may not quite be over. Yesterday, Upper Deck announced that it was formally making a cash tender offer to purchase its largest competitor.
The Topps board already accepted a buyout offer from Michael Eisner's group, The Tornante Co., LLC, back in March. That deal was reported to be worth $385.4 million, but Upper Deck is upping the ante considerably with its bid of approximately $425 million.
According to Upper Deck's press release, Topps has until midnight on July 24 to accept the proposal. If it goes through, the deal has the potential to have a tremendous impact on the hobby of sports cards, as it would leave Upper Deck as the sole licensed producer of MLB, NBA and NHL cards.