Associated Press - May 24, 2007 11:33 AM ET
NEW YORK (AP) - Shares of baseball-card and Bazooka bubble gum maker Topps have hit a 52-week high after getting what's termed an unsolicited "indication of interest" from trading-card maker Upper Deck.
The offer of $$10.75 a share is a ten percent premium from yesterday's closing price. Topps shares have traded as high as $$10.30 today.
Topps agreed back in March to be acquired by two private equity groups for $$9.75 a share. It has received a waiver from those groups to discuss the Upper Deck Offer.
The company cautions there are "material outstanding issues" related to the Upper Deck offer, including the financing for the deal. And it says, "there can be no assurance that a superior transaction will be reached with Upper Deck."
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