The Topps Company announced Monday in a press release posted on the company's website that its Board of Directors has determined that the pending $427 million cash offer from Upper Deck, "was not in the best interest of Topps stockholders and unanimously recommends that stockholders reject the offer and not tender their shares."
For collectors and dealers who are against the merger, the news of the Board's recommendation brings a temporary sigh of relief.
"Topps did the right thing," says Jim Milholland of Nick's Baseball Cards in Dallas. "Competition is always a good thing. A single company should never be allowed to control the entire baseball card market because a monopoly never benefits anyone."
Adds collector and Topps shareholder Tom Devlin of Poulsbo, Wash.: "I applaud the Topps board for recommending that shareholders reject Upper Deck's offer. This bodes well that collectors will continue to have choices as to where they spend their collecting dollar."
Topps noted in its release that the terms of the Upper Deck tender offer were substantially similar to the acquisition proposals submitted by Upper Deck to Topps on April 12 and May 21. Topps' management then went on to outline the determining factors and judgments that allowed the Board to reach its final decision.