WPT Enterprises Inc. (WPTE) is mulling an unsolicited $700 million bid by poker legend Doyle Brunson and an unidentified group of investors. Aside for the bid price, Brunson's offer left all other details unspecified, including Brunson's source of funds.

Although word of the bid helped spike WPTE share prices, shares still fell short of the bid's per-share assessment. This is being attributed to the fact that the bid is ambiguous at best, with most details, including the identity of the investor group, remaining a mystery. Also, suspicions have surfaced that Brunson is being used as a figurehead by the other investors, who are trying to cash in on Brunson's prestige in the world of poker. Lacking so much crucial information, investors are skeptical about the bid.

The $700 million bid comes just days after WPTE officially launched a new real-money online poker site.

Source:  Poker777 Staff

Sunday, 10 July 2005