Aug 20, 2021 - Economy & Business

Topps SPAC merger bottoms out after losing exclusive MLB deal

Topps baseball cards on display at the company's office.

Photo: Kris Connor/Getty Images

Topps, the venerable maker of baseball cards and chalky chewing gum, this morning announced the mutual termination of its deal to go public at a $1.3 billion valuation via Mudrick Capital Acquisition Corp. II (Nasdaq: MUDS).

Why it matters: This comes a day after Topps lost its exclusive licensing deal with Major League Baseball and the MLB Players Association to Fanatics.

Go deeper: Topps backers include Madison Dearborn Partners and Michael Eisner's Tornante Co.

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