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Brunson Bids for World Poker Tour

, 2005-07-11, by Mercy

The World Poker Tour Enterprises owns the World Poker Tour, a popular poker show on the Travel channel as well as a very small online poker room. Their TV show is famous because it of its use of lipstick cameras that allow them to display each player's hole cards to television viewers.

WPT Enterprises is a publicly traded company with a ticker symbol of WPTE. Previously, their market capitalization was $357 million, so the offer values the company at nearly twice the market value.

However, it seems very unlikely that the Brunson group will actually purchase WPT Enterprises. According to a WPTE press release, the offer "failed to provide sufficient information for WPTE to determine its credibility."

Because of this, it seems likely the offer will expire and no takeover will occur.

News of the unsolicited bid skyrocketed the price of WPTE's stock by 51%. However, the stock dropped by over 15% recently due to press releases doubting the credibility of the bid.

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