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DATE: May 25 2012
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Poker.co.uk - Poker News Archive

Tuesday 25th August 2009

WPTE Delays Sale

America’s World Poker Tour Enterprises (WPTE) Incorporated is delaying the sale of its popular World Poker Tour (WPT) tournament series to Gamynia Limited after receiving a second bid. WPTE announced the sale to Gamynia three weeks ago for for $9.075 million plus a percentage of future revenues but has now postponed the filing of a ‘preliminary proxy statement’ with the US Securities And Exchange Commission (SEC) after receiving interest from an unknown bidder. “The company’s Board Of Directors has received an alternative acquisition proposal and is following the process required by the purchase agreement,” read a statement from the SEC. “Until the process required by the purchase agreement is completed, the company will delay the filing of a preliminary proxy statement with the SEC.” There has been no official statement on the delay from WPTE and it is currently unclear whether this relates to a new bidder or to an alternative proposal from Gamynia. However, if WPTE decides to accept the new proposal, it will be required to pay a termination fee of one million dollars.

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Source: OnlineCasinoNews

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