In the latest round of The Topps Company sale saga, the trading card manufacturer’s board of directors has unanimously recommended that its shareholders reject a takeover bid from rival Upper Deck. Instead, the board says shareholders should accept the original offer tabled by Michael Eisner’s Tornante Company and Madison Dearborn Partners in early March for an estimated US$385.4 million.

The Topps board cited regulatory concerns, conditional aspects of the deal and a US$12 million ‘breakup fee’ that would have to be paid to Tornante/Madison Dearborn in the event that their proposal was nullified.

Best known for its Major League Baseball cards, Topps also manufactures sticker album collections, TCGs and card lines based on Star Wars, Lord of the Rings and Batman licenses. On the confectionary side of its business, the 69-year-old company’s brands include Garbage Pail Kids and Bazooka Joe bubble gum.