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World Poker Tour (WPT) Now Being Sold To PartyGaming
August 24, 2009
About a month ago we told all of you that the World Poker Tour Enterprises had come to an agreement with Gamynia Limited where Gamynia Limited was supposed to buy the WPTE. The deal still needed to be approved by stockholders before it was finalized and during the past month another offer has come to the table. The new offer is from Peerless Media which is owned by PartyGaming.
The original offer from Gamynia Limited was for $9 million, but the new offer from Peerless Media is for $12.3 million plus 5% of the money made off of the assets. The new deal is obviously a lot higher then the previous deal and it’s expected that this deal should go through. A lot of the stockholders aren’t very happy about the deal because the current owners of the company will be receiving the net cash from the sale of the assets. The money is going to be used by the current owners to start a new business in another industry, but a lot of the stockholders feel it should be paid out to them in dividends.
It has been noted though that some of the major stockholders of the company have already approved of the deal with PartyGaming. These major stockholders are said to own up to a 39% stake in the company so with them on board it should help the deal finalize. The WPT has been in a slump so to say the past couple years and it should be interesting to see how PartyGaming can take the company to the next level. The deal will also allow PartyGaming several new ways to market their brand and it was definitely a great buy for them at the price they bought it for.
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