Trouble Brewing Over WPT Takeover Offer
Published: Friday, July 22, 2005 Online-Casinos.com
TROUBLE BREWING OVER WPT TAKEOVER OFFER
Suspicions mounts that offer was not genuine
With the World Series of Poker championships placing poker firmly in the media headlines earlier this month, the timing was thought by many industry observers to be right for poker news and announcements.
One announcement that really grabbed everyone's attention was a report that one of the best known poker legends, Doyle Brunson had offered to buy control of Steve Lipscomb's World Poker Tour for $700 million. Speculation was that Brunson was financially backed by some big poker company names, although this was never clarified.
The offer had a deadline less than a week ahead, and although WPT were taken by surprise their executives say they attempted to professionally assess the offer by requesting more detail. Surprisingly, it seems that Mr. Brunson failed to meet their requests and the offer was allowed to expire. However, news of the offer initially caused a surge in the WPT share price, which then turned southward as it became clear that the proposed deal was in trouble.
There was speculation that the offer was not sincere and this week angry complaints were lodged with the Securities and Exchange Commission, triggering an official investigation into what some Wall Street analysts suspect may have been a bogus offer. The results will make for interesting reading when made public.
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