World Poker Tour Receives Alternative Offer
It seems the World Poker Tour is suddenly a hot commodity. It was just made public that the World Poker Tour has received what it is calling an "alternative acquisition proposal." Just 2 weeks ago, the WPT entered into an agreement with Gamynia Limited in a deal that was to be finalized during the fourth quarter in 2009. However, these new developments may cause them to pause and think about it.
As press time, full details as to who is behind this new proposal is unclear although the bid is currently under review by the Securities and Exchange Commission (SEC). In a statement regarding the filing the SEC stated,
"The Company's Board of Directors has received an alternative acquisition proposal and is following the process required by the Purchase Agreement. Until the process required by the Purchase Agreement is completed, the Company will delay the filing of a preliminary proxy statement with the SEC."
More details are expected in the coming days as the WPT's Board of Directors review the latest offer. In the previous offer made by Gamynia, the WPT would transfer its assets for over $9million plus a percentage of revenue derived from use of the World Poker Tour and Professional Poker Tour brands.
Once finalized, WPTE have said that the company will pull itself out of the poker market and will not distribute any proceeds from the sale to its shareholders. Any sale would also be accompanied by an expected name change leaving the international brand in a current state of flux.
Currently, the WPT is running its 2009 Tournament of Champions at the Bicycle Casino in Los Angeles and for the moment, all is business as usual.
Source: www.aintluck.com
