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Partygaming Buys World Poker Tour
World Poker Tour stands to gain substantially from a late second takeover bid which was announced Monday, identifying the origin of a second bid that WPT revealed in a mandatory SEC disclosure last week.
Peerless Media Limited, a subsidiary of the online gambling giant Party Gaming, is the new bidder...and it's offering $12.3 million for the company's assets and 5 percent of future gaming and other revenues - a significant improvement on the previous officer from Gamynia Limited. This was made three weeks back and reported in earlier InfoPowa bulletins. The deal includes all elements agreed in the Gamynia offer, which now falls away.
In early August Gamynia's offer of $9 075 000 and a percentage of future revenues was accepted by WPT management, subject to shareholder approval (a step yet to be taken). At the time some 39 percent of the stock was committed to the Gamynia deal by shareholders, with more support expected. This support has been refocused on the Peerless offer.
"The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming," a WPT statement from CEO and president Steve Lipscomb read, advising that any agreement would have to be approved by a majority of the stockholders, and that with this in mind completion could take as long as the last quarter of the  year.
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future," Lipscomb added.
The net cash proceeds from the asset sale will be retained by WPTE which plans to use the cash to develop or acquire a non-poker related business. WPTE does not currently intend to distribute any proceeds from the asset sale to its stockholders.
ElectraWorks Ltd is guarantor for Peerless Media.
Gambling News :
$400k Winner at Bodog Casino -
To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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