Doyle Brunson's bid for WPT...

[MakhtarUNC]

I just recently invested a good amount of money in WPT (World Poker Tour, WPTE). A few days after doing so, I check my E-Trade account to come to realize that WPTE is up 50%...I read the articles and I see that speculation says that Doyle Brunson offered 700 million to buy the company, that is reportedly only worth 350 mil...is this real? if so, when do you think is a good time to sell the stock?

[skoal2k4]

my guess would be shortly after the wsop ME... but try:

these guys

[GrandmaStabone]

[ QUOTE ]
I just recently invested a good amount of money in WPT (World Poker Tour, WPTE). A few days after doing so, I check my E-Trade account to come to realize that WPTE is up 50%...I read the articles and I see that speculation says that Doyle Brunson offered 700 million to buy the company, that is reportedly only worth 350 mil...is this real? if so, when do you think is a good time to sell the stock?

[/ QUOTE ]


That is quite an offer. Ironically, DB was offered the chance by Lyle Berman personally to invest in the original project.

[newfant]

Just heard on CNBC that Doyle's bid may not be credible. Something fishy seems to be going on. Also, the auditors of Lake's Entertainment have resigned. Not good.

[AA suited]

yeah, offering 100% premium?! that's unheard of

[Sniper]

Updated info on Doyle's offer...

LOS ANGELES--(BUSINESS WIRE)--July 11, 2005--As previously reported, on July 7, 2005, WPT Enterprises, Inc. (WPTE) received an offer for the acquisition of WPTE. The offer failed to provide sufficient information for WPTE to determine its credibility. Consequently, and as described below, WPTE still does not have enough information to evaluate the credibility of the offer.

WPTE received the offer for the purchase of the company on July 7, 2005 from the Las Vegas-based law firm of Goodman and Chesnoff, purporting to represent a group of investors headed by Doyle Brunson. The term sheet proposed a purchase price of $700,000,000 but otherwise failed to provide sufficient information for WPTE's management and Board to determine its credibility. The term sheet indicated that the offer would expire on Tuesday, July 12, 2005 at 5:30 p.m. (with a provision for WPTE to request a one week extension). The offer was publicized by issuance of a press release that was released without consulting with WPTE.

WPTE contacted the Goodman and Chesnoff firm in an effort to substantiate the credibility of the offer but was not provided with any additional information. After market close on July 8, WPTE was ultimately informed that the Goodman and Chesnoff firm was no longer involved in the matter. WPTE made further attempts through the weekend to obtain more information but was unsuccessful.

Therefore, WPTE currently is unable to substantiate the credibility of the offer it received last week. If the offer cannot be substantiated and accepted by Tuesday at 5:30 p.m., the offer will lapse by its own terms.

"While WPTE is not actively pursuing offers, it will seriously consider the merits of this or any other offer once it receives the requisite foundation information," stated Steven Lipscomb, WPTE's President and CEO.

[newfant]

Looks like a pump-and-dump to me. I bet someone will get charged with insider trading over this thing.

[lastsamurai]

Yup! i agree.....the WPT stock has little earnings....watch out!

[Sniper]

Nice bluff Doyle...

"After the market close on Monday, July 11, 2005, WPTE contacted Doyle Brunson, the sole investor identified as a potential purchaser in the offer. Mr. Brunson suggested that WPTE should not expect any further contact regarding the offer. Assuming that no further contact is forthcoming, the offer will lapse by its own terms at 5:30 p.m. on Tuesday, July 12, 2005. "

[Wintermute]

No kidding. What the hell, Doyle? Don't tell me I have to lose respect for a living legend because he got me excited about my WPTE stock...