Mandalay Media (MNDL) Increases Proposal to Acquire World Poker Tour (WPTE)
October 30, 2009 5:43 AM
Mandalay Media, Inc. (OTC: MNDL) announced that it has increased its proposal to the Board of Directors of WPT Enterprises, Inc. (NASDAQ: WPTE).
The revised proposal is to acquire WPT (WPTE) for $36.5M, consisting of $28.5M in cash, $5M in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3M. The estimated value to shareholders per share is $1.77, including the guaranteed portion of the revenue participation rights, and as adjusted for the actual share count at closing. 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.
ds of WPT shareholders.
