World Poker Tour Shareholders Vote to Approve PartyGaming Offer
After receiving a last minute offer from Mandalay Media for $35.5 million, an offer approximately three times the $12 million offer from Peerless Media Ltd., a subsidiary of PartyGaming, WPT Enterprises. Inc. opted not to postpone its shareholders meeting scheduled for Oct. 30. According to a Form 8-K filed early Monday morning, shareholders voted to approve the Peerless Media bid, with the closing of the transaction slated to occur early this month.
The form stated "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 8-K also commented on the offer received from Mandalay Media stating: "Additionally, on October 29, 2009 WPTE received a written offer from Mandalay Media to merge Mandalay Media with WPTE for the payment of cash and stock in Mandalay Media (the “Mandalay Proposal”). 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".
To read the entire Form 8-K click here.