A little less than 3 weeks since announcing that it had entered into an agreement to sell almost all its properties to a privately held investment organization, the World Poker Tour has accepted a better offer.
On August 4th, 2009, Gamynia Limited agreed to pay a total of $9,075,000 plus a percentage of future earnings for almost all World Poker Tour Enterprises assets, including its television, sponsorship, distribution and licensing units. The agreement was pending stockholder approval and in the interim another buyout option was made.
SEC guide required the organization to consider the new offer and on August 24th, 2009, the World Poker Tour announced they had accepted the offer. The agreement is similar to Gamynia offer, except that the subsidiary, Peerless Media Limited, has agreed to pay a total of $12.3 million for the group's assets and five percent of future gaming and other earnings.
WPTE President and Chief Executive Officer Steve Lipscomb said PartyGaming has been a vital partner for a number of years and they are very sure that they will be a good manager for their gaming brands in the future.
Lipscomb said that the Board of Directors has decided that PartyGaming's buyout proposal is financially superior and they look forward to working with one of the leaders in the poker circuit to provide a solid vehicle for the World Poker Tour brand to continue its worldwide expansion and return to online gambling. His new agreement is pending stockholder approval and is expected to be finalized in the 4th quarter of 2009.
09/06/2009 22:13 PM