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Brunson Goes All In : Takeover Bid of WPT

By Chuckmonster on Friday, 8th July 2005 5:30pm
  » filed under Las Vegas  comments: 0


U.S. poker champion Doyle Brunson has dealt a $700 million cash bid to WPT Enterprises Inc. (Nasdaq:WPTE - news) just days after the company known for its World Poker Tour television show launched an online gaming site.

Market rumors of the bid, which was later confirmed by WPT, sent its shares surging almost 50 percent on Friday to close at a high of $26.50, after hitting $29.50 during the day.

The unsolicited bid from Brunson and a team of unidentified financial backers offers a 100 percent premium over Thursday's Nasdaq closing price of $17.75 which valued WPT at about $357 million but analysts said the offer did not seem outlandish.

"There are always people asking questions about whether WPT is for sale but this came as a surprise. It's the first time we've received an offer on paper," chief executive Steven Lipscomb, who co-founded the company in 2002, told Reuters.

"But the term sheet was so vague with no terms...and we're trying to get information as quickly as we can so we can make an assessment of what the offer is and if it's credible."

[ Go Dolly Go! - Ed ]



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