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Saturday, May 28, 2022

Bally’s Ups Ante for World Poker Tour

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Allied Esports Entertainment Inc. (Nasdaq: AESE) in Irvine says Bally’s Corp.’s latest offer of $105 million for its World Poker Tour unit is “superior” to the pending agreement with rival Element Partners LLC, as the bidding heated up.

Allied Esports said today it was giving Element Partners until 5 p.m. Pacific time on Monday to top the offer with a revised agreement to stay in the running. Allied had previously agreed to Element’s revamped proposal of $90.5 million for the WPT in the acquisition struggle.

“There can be no assurance that the company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s,” Allied Esports said.

Shares in Allied Esports dropped 10% to $2.98 apiece for a market cap of $116.4 million after the announcement about Bally’s.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal

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