The Upper Deck Company has terminated its $10.75 tender offer for Topps Company shares, either ending or moving to a new phase the acrimonious battle between Upper Deck and Topps management (see, for example, 'Topps Urges Tornante Deal').  Upper Deck charged that Topps had taken actions 'to frustrate UD's ability to move forward,' including refusing to provide due diligence information such as Topps' league and player association licensing agreements, pricing matrices, P&L by product line, and the 'Whiz Kids (sic) Distribution Agreement.'  Upper Deck charged that Topps was taking those actions because Topps management preferred the lower offer from the Tornante Group. 

Upper Deck said that it was 'reserving all of its rights to seek redress against Topps and those responsible for the collapse of this transaction,' suggesting that the battle to control Topps was not over and might simply be moving to a new arena.