MANDALAY UPS IT'S OFFER FOR WPT (Update)
6 November 2009
Is there a bidding war going on in the
background?
The Mandalay Media last-minute attempt to snatch World
Poker Tour Enterprises from earlier bidder and Party
Gaming subsidiary Peerless Media (see previous InfoPowa
report) continued to excite press attention going into
the weekend.
In what appeared to be a response to
possibly counter bidding, Mandalay Media increased its
$35 million cash and stock offer further on Friday. This
latest offer to WPT represents a premium of
approximately 61 percent over the closing price of WPT's
common stock on October 26 and a premium of
approximately 28 percent over the implied value of WPT's
pending asset sale with Peerless.
WPT certainly
appears to have the right sort of appeal for would-be
purchasers; in March this year, privately held
investment group Gamynia Limited made an offer for the
company which was subsequently rejected after
PartyGaming subsidiary Peerless Media tabled a better
offer.
Under the terms of the Peerless Media
proposal, WPT Enterprises would receive $12.3 million
followed by an on-going 5 percent share of revenues
generated from the assets.
Online Casino News Courtesy of
Infopowa
More news here.
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