Quick Updates: Mandalay Ups WPT Bid & 3M's Artificial Life Investment

• Apparently Mandalay Media (MNDL) is jonesing hard for that World Poker Tour Entertainment (WPTE). According to a press release this morning it's now offering 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 approximately 28% over the implied value at closing of WPT’s pending asset sale with Peerless Media Ltd." Investors clearly like this potential marriage because both stocks are up over 10% in early trading this morning. Mandalay estimates that if the acquisition is successful that synergies (buzzword alert) realized in the combined company will yield annual revenues in excess of $60mil (compared to $47mil if you add their 2008 revs) and EBITDA in excess of $8mil. btw - if anyone has any insight into how this potential deal is going to be financed, I'd love to hear about it.

• Just some quick housecleaning in terms of my post Monday about 3M's investment in Artificial Life (ALIF). In the end the 6,447,491 shares of common stock 3M purchased at $1 each actually gave them an 11.31% stake in the company... the original estimate was 10%.