World Poker Tour Receives New Bid from Mandalay Entertainment
The ongoing saga of who will purchase the World Poker Tour takes yet another twist as Mandalay Entertainment has now offered to purchase the WPT for $36.5 Million, almost triple what Partygaming offered in August.
According to terms of the agreement, “Shareholders would receive cash and stock of $1.69 per share, based on WPT`s recent outstanding shares and disregarding options. The proposal represents a premium of approximately 54% over the closing price of WPT`s common stock on October 26, 2009 and a premium of approximately 23% over the implied value at closing of WPT`s pending asset sale with Peerless Media Ltd.”
Under the terms of sale from Peerless Media, a PartyGaming subsidiary, the WPT would get 12.3 Million and a percentage of future profits. The agreement guarantees nothing to shareholders as the new proposal gives shareholders the equivalent of $1.69 a share, to be split up between stock and cash.
A stockholder’s meeting was held on Friday to discuss both the Peerless and Mandalay proposals, but due to SEC regulations, the WPT could not make further comment. We will keep you updated on this as more details are available.
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