Allied Esports Entertainment, Inc. (NASDAQ: AESE) in Irvine said it has entered into a revised stock purchase agreement to sell the World Poker Tour to Element Partners LLC for $90.5 million, after ruling out a proposal from Bally’s Corp.
Allied Esports said today it had determined that the Bally’s offer, including a $90 million purchase price, was a not a “superior proposal” compared to Element’s. Bally’s and Element have been jockeying to acquire the World Poker Tour (WPT).
The WPT sale is expected to close in late April 2021, assuming the Allied Esports shareholders approve the transaction and following required regulatory approvals and other customary closing conditions, Allied Esports said today.
Shares in Allied Esports rose 3.5% to $3.84 apiece to give the company a market cap of $151 million following the announcement.