Doyle Brunson attempting to buy WPT

[schwah]

yep

[sekrah]

Didn't someone just write an article about how Doyle should step up?!

Looks like he read it!!

[newfant]

So the article says that Doyle offered a "100% premium" over the $17.74 closing price. Wouldn't that put the offer at ~$36 a share? How come the stock only traded up to 22-24?

It doesn't seem like investors believe this deal is going to happen.

[drewjustdrew]

[ QUOTE ]
So the article says that Doyle offered a "100% premium" over the $17.74 closing price. Wouldn't that put the offer at ~$36 a share? How come the stock only traded up to 22-24?

It doesn't seem like investors believe this deal is going to happen.

[/ QUOTE ]

I didn't read the link, but in response to your question, I doubt Doyle would buy 100% of the stock. Even if it happens, I would say investors don't value it the same as Doyle.

[sekrah]

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.

[newfant]

[ QUOTE ]
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.

[/ QUOTE ]

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.

[Stock Whiz]

wpte up 45% today!!!! It is going down.

[sekrah]

[ QUOTE ]

Even if the investors don't believe
I didn't read the link, but in response to your question, I doubt Doyle would buy 100% of the stock. Even if it happens, I would say investors don't value it the same as Doyle.

[/ QUOTE ]

If it happens, it doesn't matter what the investors think its value is, they are going to get the large premium on what they think it's actually worth.

[sekrah]

Either way, I think it's a good sign for WPTE investors.. whether the deal goes through or not.

It means WPTE is confident that the stock price will be worth more than that. If they are competent businessmen, then it's a good sign for investors, and the price will eventually reach that level anyway.

If I were WPTE, I would grab this offer with both fists.. I think they are foolish if they don't.

[ChrisAJ]

From the Brunson quote, or lack thereof, he would seem to be the face and name for a larger group of folks - and it would seem from the reaction of WPTE that the bid is considered (by them) to be just slightly hostile...