WPT Stockholders Approve the Sale of the Company to PartyGaming

• Author: Qid
• Filed under: High Stakes News, Poker, Uncategorized, WPT
• Date: Nov 2,2009

Despite a $36.5 million bid by mobile entertainment company Mandalay Media late last week, shareholders of WPTE decided on Friday to approve to sell the company to Peerless Media, a subsidiary of PartyGaming, instead.

The bid of Peerless Media, worth $12.3 million, was approved by shareholders of WPTE in special a special meeting of stockholders. According to a Form 8-K released by WPTE, they announce that “in the final vote count by the independent inspectors of election, 13,996,639 WPTE common shares (approximately 67.93 percent of the outstanding common shares) were represented at the Meeting, in person or by proxy, and the Agreement was approved by 85.28 percent of the shares voted and 57.93 percent of the shares outstanding”.

The form 8-K also state that “the board of directors of WPTE reviewed the Mandalay Proposal and concluded that it was not a Superior Proposal (as defined in the Agreement).” If WPTE would have agreed the bid of Mandalay Media, it would’ve received $28.5 million in cash plus $5 million in Mandalay’s common stock and 5% of future revenues plus at least $1 million per year over the next three years.

According the press release the closing of the transaction is anticipated to occur in the early part of November 2009.

Source: K-8