New Proposal to Buy WPTE by Mandalay Media
The board of directors for World Poker Tour Enterprises put the brakes on quickly when they heard the announcement made by Mandalay Media, Inc that it has increased its proposal to acquire WPT for $36.5 million, consisting of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million. The estimated value to shareholders per share is $1.77, including the guaranteed portion of the revenue participation rights. The proposal represents a premium of approximately 61% over the closing price of WPT`s common stock on October 26, 2009 and a premium of approximately 28% over the implied value at closing of WPT`s pending asset sale with Peerless Media Ltd. a subsidiary of PartyGaming. Mandalay`s Co-Chairman Robert Ellin stated in a letter to the WPT's board of directors that Mandalay proposal is a "Superior Proposal." Mandalay stated that the proposed asset sale with Peerless provides no payment or distribution of any kind to WPT`s shareholders. The Mandalay proposal would provide significant cash and stock directly into the hands of WPT shareholders. Mandalay Media is a publisher and distributor of branded entertainment for 3G mobile networks as well as TV programming and games. It has a network for distribution through one hundred and twenty mobile operators in forty five countries. The Mandalay Media offer looks very promising for share holders of WPTE. Mandalay has is ready and very capable of delivering a superior experience for the poker player. It has a team of experts that are making efforts to tap into the mobile and social networking components of playing poker online. Existing platform technologies as well as the firm's existing contracts and contacts will propel the WPT into a new era of connectivity. All this sounds almost too good to be true for poker players and the shareholders. Mandalay Media states this is not a binding agreement but urges the Board of Directors for WPTE to move quickly on this proposal.
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