WPT Shares Decline as Bid Crumples
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Gaming entertainment company WPT Enterprises Inc.’s shares slid after a $700-million bid from U.S. poker champion Doyle Brunson crumpled, prompting some queries about the offer’s veracity.
A spokeswoman said WPT, which owns the “World Poker Tour” television series, spoke to Brunson, who indicated he would provide no further information about the vague cash offer that was received Thursday.
The offer represented a 100% premium to WPT’s closing price Thursday, when the market valued the company at about $357 million. It priced WPT shares at about $36.50 each.
WPT shares fell $1.22, or 5.3%, to $21.98.
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