Bad Beats in Poker: We all get them handed to us, and not only do we lose the money, but everyone goes on tilt for at least a hand or two so we can lose more of our poker bankroll!
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Thursday, July 14, 2005
July 14, 2005
NEW YORK, U.S. poker champion Doyle Brunson confirmed on Wednesday that his $700 million offer to buy gaming entertainment group WPT Enterprises Inc. (WPTE.O: Quote, Profile, Research) has expired, pushing the stock down another 8 percent.
WPT, which owns the popular World Poker Tour television show, said a group of investors led by Brunson submitted the offer last Thursday, asking for a response by Tuesday, with a one-week extension provision.
News of the unsolicited bid, which was nearly double the company's market value, sent WPT's stock price soaring more than 50 percent to an intraday high of $29.50 on Friday before closing at $26.50.
But the bid, coming just days after WPT launched an online gaming service, was short lived.
"The proposal was not accepted by the company nor was an extension of time requested. Accordingly, the proposal expired by its own terms," Brunson said in an e-mailed statement on Wednesday.
A spokesman for Brunson declined to give further details.
WPT on Friday said it was trying to obtain additional information about the offer to check its credibility.
The company had no information about the other investors involved in the offer besides Brunson, 71, one of the best known professional poker players in the United States.
West Hollywood, California-based WPT indicated on Monday it would not reply by Tuesday and would not seek an extension.
"We are not expecting anything further from him," said a company spokesman on Wednesday.
Shares of WPT fell 8 percent on Nasdaq on Wednesday to $20.23 after sliding 5.3 percent on Tuesday and 12.5 percent on Monday.
Shares in WPT's largest shareholder, casino operator Lakes Entertainment (LACO.O: Quote, Profile, Research) Inc. which holds a 62 percent stake, fell 4.4 percent to $14.83 on Wednesday.
The World Poker Showdown is making another appearance due to last year's great success and this year it's just in time for Christmas. This year the turnout for the Poker Tournament's Caribbean Cruise is expected to double and maybe even triple last years count. So, if you haven't made any Christmas plans yet, stop on by the website, www.worldpokershowdown.com and signup for your Christmas Vacation of a lifetime.
# by Poker Absolute @ 6:42 AM
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