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SEC Investigates Brunson Bid
, 2005-12-17, by TwoGun
In July, Doyle Brunson and several unnamed investors announced an unsolicited $700 million bid for World Poker Tour Enterprises (WPTE). News of the bid caused shares of WPTE to skyrocket by more than 50 percent. The bid amount valued the company at about twice its market value at the time.
However, the bid quickly fell through. WPTE claimed it was not able to substantiate the bid, and the offer expired without anything occuring. WPTE's stock plummeted soon after.
WPTE's stock has been on a continuous decline since the bid. The SEC is now formally investigating the bid, since the offer resulted in a huge temporary price jump and significant trading volume
More information can be found in this Reuters Article.
However, the bid quickly fell through. WPTE claimed it was not able to substantiate the bid, and the offer expired without anything occuring. WPTE's stock plummeted soon after.
WPTE's stock has been on a continuous decline since the bid. The SEC is now formally investigating the bid, since the offer resulted in a huge temporary price jump and significant trading volume
More information can be found in this Reuters Article.
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