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Article: Mandalay Media Increases Proposal to Acquire World Poker Tour to $36.5 million, $1.77 Per Share.
- Article from:
- Entertainment Newsweekly
- Article date:
- November 13, 2009
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Mandalay Media, Inc. (OTCBB: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 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, 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 ...
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