Tuesday, November 3, 2009
According to a post this morning on GamblingOnline, the shareholders of World Poker Tour Entertainment (WPTE) voted to accept a $12.3mil purchase offer from UK online gaming powerhouse PartyGaming Plc (PRTY), through its Peerless Media subsidiary, at meeting in L.A. last Friday night. This presumably brings to an end the ambitions of Mandalay Media (MNDL), parent of mobile entertainment consumer brand Twistbox, to buy the company. Mandalay had mounted a bold (audacious), last minute bid that looked to be substantially superior ($36.5mil) from a purely financial standpoint... but apparently many WPTE shareholders felt that the match was not strategically superior. The deal should be completed at the end of the month according to the post. Given the massive discrepancy in the offers, I'm guessing this isn't the very end of the story... I'll keep you posted. If it is the end of this story, it'll be interesting to see if Mandalay diverts its acquisition ambitions elsewhere.