U.S. Probes Takeover Offer for Poker Firm
U.S. securities regulators said Friday that they were formally investigating U.S. poker champion Doyle Brunson’s unsolicited $700-million offer in July to buy WPT Enterprises Inc., a Los Angeles-based gaming entertainment firm.
News of the bid, which was nearly double the company’s market value at the time, sent WPT’s stock soaring more than 50% in one day to an intraday high of $29.50.
The price then rapidly fell after the company said it wasn’t able to reach Brunson or his attorneys for further information on the bid, according to the Securities and Exchange Commission. The offer later expired.
Shares of WPT, which owns the World Poker Tour television show…
Related World Poker Tour and Poker Legends News:
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- Sportingbet Receives Takeover Offer
- SEC investigates Doyle Brunson’s WPT takeover bid
- SEC Probes Poker Star’s Bid For Tour Operator
- BetandWin enters into takeover talks with OnGame
- MGM Mirage interested in takeover of Partygaming
- Sportingbet Receives Approach That May Lead to Offer
- Takeover talks terminated as Empire calls poker rivals bluff
- Poker-loving Yahoo chief not ready to fold in takeover fight
- PartyGaming Approaches Empire Online About a Takeover
- US watchdog probes $700m poker bid
- Ladbrokes considering bid for 888
Poker lingo:
- REBUY - [1] To purchase additional chips after an initial buy-in, usually after losing most or all of the previous buy-in. This term is most often used in certain tournaments where if one loses all one's chips, or falls below a certain minimum chip level, for an additional sum of money one can purchase a fixed amount of additional tournament chips. Usually there is a time limit (The "REBUY PERIOD") as to how long rebuys are allowed. [2] The additional chips "rebought" in tournament play.
- TELL - Any personal mannerisms that reveal the quality of one's hand. E.g., constantly looking at one's hole cards is often a tell of a poor hand. (Some players, knowing this, will at times check their hole cards when they have a great hand and don't need to look.)
- LAY ODDS - To give favorable odds to an opponent.
- TURN - The fourth community card in Hold'em.
- BAD-BEAT JACKPOT - In some cardrooms, a prize that is shared by the players in a game, when a very good hand (usually Aces full, or better) is beaten by a higher hand. Jackpots are usually financed by taking a drop ($1 is a common amount) from every pot. A typical division of the jackpot will give the losing hand 50 %, the winning hand 25 %, and the other players at the table share the remaining 25 % of the Jackpot.
- LEAK - To show one's hole cards (often unknowingly).
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