November 17th, 2009 | 4:12 pm
PartyGaming bought World Poker Tour for $12 million.
With a $1 million fee for breaking their $9 million deal with Gamynia Limited, PartyGaming’s bid had to be considerably higher; and it was, at $12 million, along with future concessions including 5% of all future revenues generated by the company.
Another company, Mandalay Media Inc., made an 11th hour offer that was eventually rejected by the WPTE stockholders. In a press release the WPTE gave the following reason why they chose to ignore the $36.5 million offer by Mandalay Media:
“The board of directors of WPTE reviewed the Mandalay Proposal and concluded that it was not a Superior Proposal (as defined in the Agreement). On October 30, 2009, WPTE received a modified written offer from Mandalay Media (the ‘Modified Mandalay Proposal’). On October 31, 2009 the board of directors of WPTE reviewed the Modified Mandalay Proposal and concluded that it was not a Superior Proposal.”
After this strategically significant deal, the shares of PartyGaming (PRTY.L) rose 5.6 to 236.7p.
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