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Mandalay Media submits proposal to buy World Poker Tour for $35 million
- 10-30-2009
Mandalay Media, Inc, a company related to Twistbox and Mandalay Films subsidiary dedicated to develop stage digital media company announced that that it has submitted a revised proposal to acquire the World Poker Tour for $36.5 million.
The proposal represents a premium of approximately 61% over the closing price of WPT's common stock on October 26, 2009 and a premium of approximately 28% over the implied value at closing of WPT's pending asset sale with Peerless Media Ltd.
Due the new offer made by the company, WPT would terminate a deal proposed by to Peerless Media, a subsidiary of online gambling firm PartyGaming, in where the company offered to pay WPTE $12.3 million.
The proposal submitted to the Board of Directors of WPT Enterprises, Inc. (WPTE) consists of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million.
In an official letter sent by Mandalay's Co-Chairman Robert Ellin to WPT's Board of Directors, the company stated that Peerless' proposed asset sale provides no payment or distribution to WPT's shareholders. Mandalay's proposal would provide significant cash and stock directly into the hands of WPT shareholders. According to Mandalay's proposal, WPT Enterprises shareholders would receive cash and stock of $1.77 per share, based on WPT's recent outstanding shares and disregarding options.
The proposal represents a premium of approximately 61% over the closing price of WPT's common stock on October 26, 2009 and a premium of approximately 28% over the implied value at closing of WPT's pending asset sale with Peerless Media Ltd.
Due the new offer made by the company, WPT would terminate a deal proposed by to Peerless Media, a subsidiary of online gambling firm PartyGaming, in where the company offered to pay WPTE $12.3 million.
The proposal submitted to the Board of Directors of WPT Enterprises, Inc. (WPTE) consists of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million.
In an official letter sent by Mandalay's Co-Chairman Robert Ellin to WPT's Board of Directors, the company stated that Peerless' proposed asset sale provides no payment or distribution to WPT's shareholders. Mandalay's proposal would provide significant cash and stock directly into the hands of WPT shareholders. According to Mandalay's proposal, WPT Enterprises shareholders would receive cash and stock of $1.77 per share, based on WPT's recent outstanding shares and disregarding options.