Re: Doyle Brunson attempting to buy WPT
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If the bid is $700 million.. he's buying 100% of the stock (therefore taking it off the public exchange).
I highly doubt he's paying $700 million for 80% of the stock, which would be a 150% premium.
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Yeah, Doyle is definitely trying to buy the whole kit and caboodle. As near as I can figure, the market was valuing WPT at ~$360 million before Doyle's $700 million dollar bid, so Doyle is offering close to a 100% premium.
However, the market is currently valuing WPT at ~$500 million so the market seems to be doubting somewhat that this deal will go through. Might be an arbitrage opportunity here somewheres.
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