Allied Esports Entertainment, has rejected the chance to sell the World Poker Tour to Bally’s Corp, having agreed to a revised stock purchase agreement with Element Partners.
It will now sell all of the outstanding capital stock of each of the legal entities that collectively operate or engage in the company’s poker-related business and assets.
The revised stock purchase agreement increases the overall purchase price from $68.25m at closing and $10m guaranteed revenue share payments paid over three years after closing, to $90.5m, all payable at closing.
Allied Esports said: “The company’s Board of Directors unanimously approved the revised stock purchase agreement. In connection with approval of the revised stock purchase agreement, the company’s Board of Directors, in consultation with its financial and legal advisors, compared the terms of the revised stock purchase agreement to the terms of the proposal received from Bally’s Corporation to acquire the WPT Business for $90m. After such review, the Board of Directors determined that the Bally’s proposal did not constitute a superior proposal.”
The transaction is expected to close in late April 2021.