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Business: WPT: The bidding war continues
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In August, we reported that the beleaguered World Poker Tour was on the verge of a $9 million buy out by Gamynia Limited. Only three weeks later, we revised our report when WPTE CEO Steve Lipscomb announced that Peerless Media—a subsidiary of the popular PartyGaming brand—had made a better offer. The existing WPTE shareholders only had to approve the offer to finalize the deal. The catch was that the shareholders would gain little from the sale to Peerless Media.
As of Friday, another player entered the bidding war for the WPT, and this one came bearing gifts. Mandalay Entertainment currently has a $35 million offer on the table, and it's the first one that would significantly benefit WPTE shareholders. This time around, the shareholders have been quick to act, holding a meeting on Friday to discuss the terms of the sale.
Mandalay Entertainment—not to be confused with the popular Las Vegas casino, Mandalay Bay—develops and distributes mobile applications. Their plan is to use their existing relationships with major providers like AT&T, Sprint, Verizon and Virgin to turn the WPT brand into a major mobile franchise that would “provide a full mobile social media and sports/poker playing experience.”
31-Oct-2009, 14:04
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