The Upper Deck Company has announced that its wholly owned subsidiary, UD Company, Inc., is commencing a cash tender offer for all of the shares of Topps Inc. at a price of $10.75 per share.  The offer is worth approximately $425 million and is some $40 million more than the offer from Michael Eisner's Tornante Company ($9.75 per share), which Topps' management accepted in March (see 'Topps Company To Be Acquired').  According to Upper Deck 'The offer consideration consists solely of cash and is not conditioned upon any financing arrangements.' 

Unless it is extended, the Upper Deck offer expires on July 24th at midnight.  The Topps Board of Directors announced that it will review the Upper Deck offer and advise Topps stockholders of its recommendation by July 9th.  Previously Topps management expressed reservations about the Upper Deck offer based on concern about the financing of the deal, potential problems with anti-trust regulations, and the lack of a sufficiently large break-up fee. 

Upper Deck sought and received a court injunction preventing Topps from going ahead with the Tornante deal without giving stockholders a chance to consider Upper Deck's offer (see 'Topps Buyout Vote Halted').