The management of the Topps sports entertainment and candy company has come out in favour of a takeover bid led by private equity group Madison Dearborn Partners.
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Topps said that there were a number of issues still to be resolved on a higher alternative bid from rival Upper Deck.
Upper Deck has offered US$424m for Topps while Madison Dearborn, in tandem with an investment firm run by former Disney head Michael Eisner, has offered $385m.
However, Topps said that Upper Deck is yet to demonstrate how it will fund the deal. The company added that the Upper Deck bid has a higher regulatory risk and an inadequate break-up fee in the event of a deal collapsing.
Topps added that a plan by Crescendo Advisors to nominate directors to its board to try to block the private equity takeover “is vague and offers nothing new.”
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