Element Partners, LLC Has Until March 19th To Submit Superior Offer
Published on March 17th, 2021 1:00 am EST
Earlier today, Allied Esports Entertainment Inc. (AESE on the NASDAQ) revealed that their Board of Directors had determined that a revised proposal from Bally's Corporation was superior to a deal that was previously proposed by Element Partners, LLC.
Under the terms of the revised deal from Bally's, the company would acquire Club Services, Inc. for a total purchase price of $90 million in cash.
Club Services, Inc. includes all of the poker-related business and assets that are owned by Allied Esports Entertainment, Inc., including the World Poker Tour.
Bally's had previously submitted a $100 million bid to acquire all of the Allied Esports Entertainment Inc. business, including their esports operations. That portion of the business has been left out of the revised bid.
-
According to Allied Esports Entertainment, the Company has notified Element Partners, LLC of their plan to terminate the stock purchase that the two companies had previously agreed to, unless a better deal for shareholders can be worked out.
Allied has said that Element has until 5 pm PST on March 19th, 2021 to submit a Superior Proposal, or else they will be accepting the $90 million all-cash offer from Bally's.
-
The World Poker Tour has been owned by a number of different companies over the years, including bwin.party and Ourgame International Holdings.
Unless Element Partners, LLC tops the $90 million bid, the World Poker Tour will shortly be in the hands of Bally's.
--
Filed Under: Other Poker News