Topps SPAC merger with Mudrick dies because of MLB trading card deal

Topps’ baseball playing cards from the 2016 season are on show throughout the “Open Topps Baseball Sequence 1 Playing cards ” occasion on the Topps’ places of work on February 10, 2016 in New York Metropolis.

Kris Connor | Getty Photos

Mudrick Capital Acquisition Corporation II on Friday said its SPAC merger with The Topps Company “has been terminated by mutual settlement” due to Main League Baseball’s resolution to finish a 70-year-old buying and selling card take care of Topps.

The announcement for the Nasdaq-listed clean examine firm in a submitting with the Securities and Alternate Fee came a day after news broke that MLB will not renew its existing trading card arrangement with Topps.

MLB is anticipated to offer its buying and selling card enterprise to Fanatics, the sports activities retail firm.

Topps’ particular objective acquisition merger with Mudrick, which had been introduced in April, valued Topps at $1.3 billion.

MLB has partnered with Topps on playing cards since 1952, getting a royalty on playing cards the corporate sells.

Topps, which was based in 1938, in its personal announcement Friday mentioned that “it would stay a personal firm.”

“Topps expects to have the ability to produce considerably all its present licensed baseball merchandise by way of 2025, pursuant to its current agreements, and can construct on the distinctive efficiency within the second quarter of 2021 in its Sports activities & Leisure section, and its Confections section,” the corporate mentioned.

Topps, which had been publicly traded earlier than being taken non-public in 2007, retains licensing offers with Main League Soccer and the Nationwide Hockey League.

Murdrick’s full assertion Friday mentioned: “Mudrick Capital Acquisition Company II (Nasdaq: MUDS) introduced as we speak that the Settlement and Plan of Merger with Topps Intermediate Holdco, Inc. and Tornante-MDP Joe Holding LLC has been terminated by mutual settlement, after notification on August 19, 2021 from Main League Baseball and the Main League Baseball Gamers Affiliation that they’d not be renewing their respective agreements with The Topps Firm after they come up for renewal on the finish of 2025 and 2022, respectively.”

That is breaking information. Examine again for updates.

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