Countdown To Mike Sexton Hall Of Fame Induction Celebration Freeroll Is Already A Sell Out!
Gibraltar – November 5th 2009 – The countdown is on to PartyPoker.com ambassador Mike Sexton’s induction into Poker’s Hall of Fame on Saturday evening during the dinner break at the 2009 WSOP Main Event Final table. PartyPoker.com is holding a special celebratory $10,000 freeroll to mark the occasion at 21.00 CET (15.00 EST) that day and 8000 have reserved seats for the special tournament which was at capacity one hour after appearing in the lobby!
A PartyPoker.com spokesman said: “Everybody loves a freeroll and we received so many questions about when the one for Mike would take place and all spaces were filled within an hour! It was a case of first come, first served for this celebration.”
Mike will be introduced at a dinner held in his honour on Saturday night by his brother Tom Sexton.
Sexton needs little introduction and is unarguably one of the most respected figures in the game. As the face and voice of the World Poker Tour and holder of a WSOP bracelet, Mike is truly one of the games pioneers. Sexton is in the top ten for the most cashes at the World Series of Poker and is instantly recognizable to all poker enthusiasts. Regarded as ‘The Ambassador of Poker,’ for years Mike advocated corporate involvement with poker to take the game he loves into the mainstream. Notably, Sexton also won the first $10k buy-in NL hold'em championship event at Foxwoods World Poker Finals in 1992 and in 2000 was the first American to win the championship event at the Euro Finals of Poker in Paris, which at the time was the biggest event in Europe. Through his role with the World Poker Tour Mike brought the game to millions around the world. In 2006 Sexton won the Tournament of Champions at the World Series of Poker, a concept he had originally created. He donated $500,000 of his winnings to charity and has since become a co-founder of PokerGives.org, which encourages players to make charitable donations.
The Poker Hall of Fame was established in 1979. Its membership includes poker's most influential players and other important contributors to the game. There are 16 living members, and to date 37 members have been bestowed the honour of entry. The WSOP Hall of Fame traditionally elects one or two new members annually. The enshrinement ceremony is now held during the final table of the Main Event of the WSOP. The criteria for selection was as follows:
A player must have played poker against acknowledged top competition
Played for high stakes
Played consistently well, gaining the respect of peers
Stood the test of time
Or, for non-players, contributed to the overall growth and success of the game of poker, with indelible positive and lasting results
World Series of Poker”® and “WSOP”®, WSOPE”® are registered trade marks of Harrah’s License Company LLC. No license, affiliation, sponsorship, or endorsement is claimed, or should be inferred from the use of these trademarks here. PartyGaming is not licensed by or otherwise affiliated with Harrah’s License Company LLC or the World Series of Poker®, in any way.
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Thursday, November 05, 2009
Phil Ivey Set To Start November Nine As Favourite?
Gibraltar – 4th November 2009 – Bookmaker PartyBets.com has had to cut the odds on Phil Ivey taking down the WSOP Main Event from 5/1 into 7/2 making him the new OUTRIGHT FAVOURITE to win. This is despite the fact that Ivey is seventh in chips and Darvin Moon has a monster stack that many believe should be big enough to roll his opponents over quite easily. Moon has drifted in the betting from 3/1 favourite out to 4/1.
Ahead of his induction into the Poker Hall of Fame on Saturday, PartyPoker.com Ambassador Mike Sexton said: “Phil Ivey is the most well known pro to the public and this has to be a sentimental bet for action on the tournament. It is hard to imagine, more astonishing, that a player can be favourite with just 5% of the chips in play. I regard Ivey as the best player in the world and it would be nice to see him win but as everyone knows chips are power.”
A PartyBets.com spokesman said: “Has the world gone mad? Ivey is a short stack and Moon is a massive chip leader with 30% of the chips in play. It just doesn’t make sense but the punters just keep coming for Ivey and we have had no choice but to make him favourite because of our large six figure liabilities and the consistent interest.”
“There will be a lot of punters out there sweating Ivey and a lot of bookies praying that he doesn’t get the early double-up that is essential for him to make a remarkable comeback from seventh in chips. If Ivey achieves what punters think he can it will be the worst poker result in bookmaking history.”
PartyBets.com - a sister site of PartyPoker.com and PartyCasino.com - chalked Ivey up at 175/1 to win the Main Event earlier this year. He was 100/1 as the Main Event got underway and his odds have plummeted since then. A big name on the final table of the WSOP is always bad news for bookmakers. 175/1 as a starting price for any player in a field of 6,494 players is short and his true odds could have been double that but bookmakers are forced to price him prohibitively short because punters back the name.
PartyBets.com currently has Ivey as 7/2 favourite, followed by the commonly regarded favourite Darvin Moon at 4/1. Eric Buchman is next in the betting at 9/2. Ivey only has 265,000 more chips than France’s Antonie Saout but Saout is a 16/1 shot. The UK’s James Akenhead, a recent participant in the PartyPoker.com World Open V alongside Saout has also been well supported but is still 14/1. A Shulman double, with Jeff joining Barry as a WSOP Main Event winner this year is priced at 6/1. Other markets available include winning hand and colour of the final river card.
See PartyBets.com for more odds and information.
** The story of how Jon Kalmar, a poker pro from Chorley in the UK made the final table of the 2007 WSOP Main Event is a poker fairytale in itself. Jon went to Vegas with a bankroll of $15,000 before getting down to his last $2,000 and qualifying in a satellite. He had been on a terrible run for a long time but ended up as the only UK representative making it to the climax of poker’s showpiece and won $1,255,000 for finishing in fifth place. It was also happy days for a poker pro from Skane, Sweden won $25,000 from PartyBets.com after placing a bet of $100 at 250/1 that Kalmar would make the final table.**
World Series of Poker”® and “WSOP”®, WSOPE”® are registered trade marks of Harrah’s License Company LLC. No license, affiliation, sponsorship, or endorsement is claimed, or should be inferred from the use of these trademarks here. PartyGaming is not licensed by or otherwise affiliated with Harrah’s License Company LLC or the World Series of Poker®, in any way.
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Gibraltar – 4th November 2009 – Bookmaker PartyBets.com has had to cut the odds on Phil Ivey taking down the WSOP Main Event from 5/1 into 7/2 making him the new OUTRIGHT FAVOURITE to win. This is despite the fact that Ivey is seventh in chips and Darvin Moon has a monster stack that many believe should be big enough to roll his opponents over quite easily. Moon has drifted in the betting from 3/1 favourite out to 4/1.
Ahead of his induction into the Poker Hall of Fame on Saturday, PartyPoker.com Ambassador Mike Sexton said: “Phil Ivey is the most well known pro to the public and this has to be a sentimental bet for action on the tournament. It is hard to imagine, more astonishing, that a player can be favourite with just 5% of the chips in play. I regard Ivey as the best player in the world and it would be nice to see him win but as everyone knows chips are power.”
A PartyBets.com spokesman said: “Has the world gone mad? Ivey is a short stack and Moon is a massive chip leader with 30% of the chips in play. It just doesn’t make sense but the punters just keep coming for Ivey and we have had no choice but to make him favourite because of our large six figure liabilities and the consistent interest.”
“There will be a lot of punters out there sweating Ivey and a lot of bookies praying that he doesn’t get the early double-up that is essential for him to make a remarkable comeback from seventh in chips. If Ivey achieves what punters think he can it will be the worst poker result in bookmaking history.”
PartyBets.com - a sister site of PartyPoker.com and PartyCasino.com - chalked Ivey up at 175/1 to win the Main Event earlier this year. He was 100/1 as the Main Event got underway and his odds have plummeted since then. A big name on the final table of the WSOP is always bad news for bookmakers. 175/1 as a starting price for any player in a field of 6,494 players is short and his true odds could have been double that but bookmakers are forced to price him prohibitively short because punters back the name.
PartyBets.com currently has Ivey as 7/2 favourite, followed by the commonly regarded favourite Darvin Moon at 4/1. Eric Buchman is next in the betting at 9/2. Ivey only has 265,000 more chips than France’s Antonie Saout but Saout is a 16/1 shot. The UK’s James Akenhead, a recent participant in the PartyPoker.com World Open V alongside Saout has also been well supported but is still 14/1. A Shulman double, with Jeff joining Barry as a WSOP Main Event winner this year is priced at 6/1. Other markets available include winning hand and colour of the final river card.
See PartyBets.com for more odds and information.
** The story of how Jon Kalmar, a poker pro from Chorley in the UK made the final table of the 2007 WSOP Main Event is a poker fairytale in itself. Jon went to Vegas with a bankroll of $15,000 before getting down to his last $2,000 and qualifying in a satellite. He had been on a terrible run for a long time but ended up as the only UK representative making it to the climax of poker’s showpiece and won $1,255,000 for finishing in fifth place. It was also happy days for a poker pro from Skane, Sweden won $25,000 from PartyBets.com after placing a bet of $100 at 250/1 that Kalmar would make the final table.**
World Series of Poker”® and “WSOP”®, WSOPE”® are registered trade marks of Harrah’s License Company LLC. No license, affiliation, sponsorship, or endorsement is claimed, or should be inferred from the use of these trademarks here. PartyGaming is not licensed by or otherwise affiliated with Harrah’s License Company LLC or the World Series of Poker®, in any way.
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WPT Foxwoods World Poker Finals Kicks Off Thursday, by Brett Collson - Poker News Daily - 4th November 2009
Season 8 of the World Poker Tour (WPT) makes its next stop in Mashantucket, Connecticut on Thursday as the World Poker Finals kicks off at the at Foxwoods Resort Casino. The $10,000 buy-in No Limit Hold’em event will attract many of the tournament players around the world and its prize pool has eclipsed $5 million in past years.
Day 1 will get underway at Noon with players receiving 30,000 chips and blind levels running 90 minutes. The event concludes on Tuesday, November 10th, when the final six players take their seats and play until a champion is crowned.
Last year, poker pro Jonathan “FieryJustice” Little bested a field of 412 players to win the World Poker Finals title. Little, the Season 6 WPT Player of the Year, defeated Jonathan Jaffe heads up when his A-Q held up against Jaffe’s A-10, earning him $1.1 million and his second WPT title. Also appearing at the final table were David “The Dragon” Pham (fourth place for $240,000) and Mike Matusow (sixth place for $124,000).
Other former winners of the WPT World Poker Finals include Mike Vela (2007), Nenad Medic (2006), Nick Schulman (2005), Tuan Le (2004), Hoyt Corkins (2003), and Howard Lederer (2002).
The World Poker Finals has featured a series of preliminary events at Foxwoods since October 19th. Players were offered a wide selection of games on the tournament schedule, including No Limit Hold’em, Seven Card Stud, Omaha Eight or Better, HOSE, Pot Limit Omaha, and Limit Hold’em. Two of the top female pros in the world have generated the most buzz during the series thus far, as Vanessa Selbst took down the $1,500 No Limit Hold’em Event #7 for $74,000 and Kathy Liebert won the $2,500 No Limit Hold’em Event #14 for $74,000. Selbst also took third in Event #14 for $28,000, putting her earnings over the two-week series above the six-figure mark.
World Poker Tour Enterprises (WPTE), a publicly traded company on the NASDAQ Stock Exchange that controls the tour, has been in the news lately, as offers were being made to purchase the company. WPTE announced last week that its shareholders approved a purchase by Party Gaming subsidiary Peerless Media. Under the proposal from Peerless Media, WPTE shareholders will receive $12.3 million plus a percentage of future gaming revenues. The sale specifies that WPTE officials will receive at least $3 million over three years from the aforementioned gaming revenues. The money from the purchase will not be refunded to shareholders and will instead be used to invest in a non-poker related business venture.
Mandalay Entertainment made a last-minute bid of $36.5 million to purchase WPTE, submitting an offer to purchase the company’s television library, trademarks, and other portions of the tournament series. However, WPTE shareholders met last Friday in Los Angeles and instead approved the sale to Peerless Media. (Credit: Poker News Daily)
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Season 8 of the World Poker Tour (WPT) makes its next stop in Mashantucket, Connecticut on Thursday as the World Poker Finals kicks off at the at Foxwoods Resort Casino. The $10,000 buy-in No Limit Hold’em event will attract many of the tournament players around the world and its prize pool has eclipsed $5 million in past years.
Day 1 will get underway at Noon with players receiving 30,000 chips and blind levels running 90 minutes. The event concludes on Tuesday, November 10th, when the final six players take their seats and play until a champion is crowned.
Last year, poker pro Jonathan “FieryJustice” Little bested a field of 412 players to win the World Poker Finals title. Little, the Season 6 WPT Player of the Year, defeated Jonathan Jaffe heads up when his A-Q held up against Jaffe’s A-10, earning him $1.1 million and his second WPT title. Also appearing at the final table were David “The Dragon” Pham (fourth place for $240,000) and Mike Matusow (sixth place for $124,000).
Other former winners of the WPT World Poker Finals include Mike Vela (2007), Nenad Medic (2006), Nick Schulman (2005), Tuan Le (2004), Hoyt Corkins (2003), and Howard Lederer (2002).
The World Poker Finals has featured a series of preliminary events at Foxwoods since October 19th. Players were offered a wide selection of games on the tournament schedule, including No Limit Hold’em, Seven Card Stud, Omaha Eight or Better, HOSE, Pot Limit Omaha, and Limit Hold’em. Two of the top female pros in the world have generated the most buzz during the series thus far, as Vanessa Selbst took down the $1,500 No Limit Hold’em Event #7 for $74,000 and Kathy Liebert won the $2,500 No Limit Hold’em Event #14 for $74,000. Selbst also took third in Event #14 for $28,000, putting her earnings over the two-week series above the six-figure mark.
World Poker Tour Enterprises (WPTE), a publicly traded company on the NASDAQ Stock Exchange that controls the tour, has been in the news lately, as offers were being made to purchase the company. WPTE announced last week that its shareholders approved a purchase by Party Gaming subsidiary Peerless Media. Under the proposal from Peerless Media, WPTE shareholders will receive $12.3 million plus a percentage of future gaming revenues. The sale specifies that WPTE officials will receive at least $3 million over three years from the aforementioned gaming revenues. The money from the purchase will not be refunded to shareholders and will instead be used to invest in a non-poker related business venture.
Mandalay Entertainment made a last-minute bid of $36.5 million to purchase WPTE, submitting an offer to purchase the company’s television library, trademarks, and other portions of the tournament series. However, WPTE shareholders met last Friday in Los Angeles and instead approved the sale to Peerless Media. (Credit: Poker News Daily)
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Tuesday, November 03, 2009
World Poker Tour Stockholders Approve Party Gaming Sale, by Dan Cypra - Poker News Daily - 2nd November 2009
Despite a $36.5 million last-minute bid by mobile entertainment company Mandalay Media, shareholders of World Poker Tour Enterprises (WPTE) approved a $12.3 million purchase by Party Gaming subsidiary Peerless Media on Friday.
Late last week, owners of Mandalay Media submitted a $36.5 million bid to purchase WPTE, a publicly traded company on the NASDAQ Stock Exchange. Mandalay fired a Hail Mary, submitting an offer to purchase the massive television library, trademarks, and other portions of the roving tournament series. On Friday, a special shareholders meeting was held in Los Angeles and, at its conclusion, the sale to Peerless Media, a subsidiary of Party Gaming, was approved. The news appears to end any discussion of Mandalay Media purchasing the WPT.
A press release distributed by WPTE officials on Monday explained the company’s reaction to the last-ditch effort by Mandalay Media to purchase the majority of its assets: “The board of directors of WPTE reviewed the Mandalay Proposal and concluded that it was not a Superior Proposal (as defined in the Agreement). On October 30, 2009, WPTE received a modified written offer from Mandalay Media (the ‘Modified Mandalay Proposal’). On October 31, 2009 the board of directors of WPTE reviewed the Modified Mandalay Proposal and concluded that it was not a Superior Proposal.” Mandalay Media is based in Los Angeles and believed it offered a competitive proposal due to its seasoned management team, global reach, mobile expertise, social media prowess, and success in the gaming marketplace.
The proposal from Mandalay Media implored WPTE management to postpone the special stockholders meeting scheduled for Friday, where on the docket was voting on Party Gaming’s proposal. In total, 67.93% of the company’s common shares were represented at the meeting and the sale was approved by an 85% to 15% margin. Its closing should be completed by the end of the month. Mandalay Media is unrelated to the casino in Las Vegas of the same name.
WPTE’s stock, which is traded on the NASDAQ under the same four-letter acronym, has been on a roller coaster ride over the past four days. On Thursday, WPTE closed at $1.11. When trading opened the next morning, the company’s shares were fetching $1.41, an overnight jump of 28%, on the news that Mandalay Media had submitted a purchase agreement. By the close of trading on Friday, WPTE stock had fallen to $1.10. At the time of writing, which is around Noon on Wall Street, WPTE is treading at $1.07 per share, a drop of $0.04 on the day.
Mandalay Media’s proposal consisted of approximately $36.5 million in stock and cash offerings. WPTE would have received $28.5 million in cash plus $5 million in Mandalay’s common stock and 5% of future revenues. The company had guaranteed that the latter sum would amount to at least $1 million per year over the next three years. The purchase agreement noted that the proposal equated to $1.77 per share, a premium of 61% over WPTE’s closing price on October 26th.
Under the terms of the sale to Party Gaming, WPTE will receive $12.3 million less affiliate payments it owes to the online gaming giant. WPTE will also receive 5% of future gross gaming revenue and 5% “of other future gross revenues less certain taxes and costs earned with the purchased assets in perpetuity.” Party Gaming has guaranteed that the future gaming revenue would total at least $3 million over a three-year period. Peerless Media is based in Gibraltar and its parent company is ElectaWorks Limited.
Once completed, WPTE officials plan to pursue non-poker-related business ventures. The sale’s effect on the WPT tournament circuit is currently unknown. WPT personnel are in the midst of filming the series’ eighth season and will kickoff the Foxwoods World Poker Finals on Thursday. The $10,000 buy-in tournament crowns a champion on November 10th. (Credit: Poker News Daily)
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Despite a $36.5 million last-minute bid by mobile entertainment company Mandalay Media, shareholders of World Poker Tour Enterprises (WPTE) approved a $12.3 million purchase by Party Gaming subsidiary Peerless Media on Friday.
Late last week, owners of Mandalay Media submitted a $36.5 million bid to purchase WPTE, a publicly traded company on the NASDAQ Stock Exchange. Mandalay fired a Hail Mary, submitting an offer to purchase the massive television library, trademarks, and other portions of the roving tournament series. On Friday, a special shareholders meeting was held in Los Angeles and, at its conclusion, the sale to Peerless Media, a subsidiary of Party Gaming, was approved. The news appears to end any discussion of Mandalay Media purchasing the WPT.
A press release distributed by WPTE officials on Monday explained the company’s reaction to the last-ditch effort by Mandalay Media to purchase the majority of its assets: “The board of directors of WPTE reviewed the Mandalay Proposal and concluded that it was not a Superior Proposal (as defined in the Agreement). On October 30, 2009, WPTE received a modified written offer from Mandalay Media (the ‘Modified Mandalay Proposal’). On October 31, 2009 the board of directors of WPTE reviewed the Modified Mandalay Proposal and concluded that it was not a Superior Proposal.” Mandalay Media is based in Los Angeles and believed it offered a competitive proposal due to its seasoned management team, global reach, mobile expertise, social media prowess, and success in the gaming marketplace.
The proposal from Mandalay Media implored WPTE management to postpone the special stockholders meeting scheduled for Friday, where on the docket was voting on Party Gaming’s proposal. In total, 67.93% of the company’s common shares were represented at the meeting and the sale was approved by an 85% to 15% margin. Its closing should be completed by the end of the month. Mandalay Media is unrelated to the casino in Las Vegas of the same name.
WPTE’s stock, which is traded on the NASDAQ under the same four-letter acronym, has been on a roller coaster ride over the past four days. On Thursday, WPTE closed at $1.11. When trading opened the next morning, the company’s shares were fetching $1.41, an overnight jump of 28%, on the news that Mandalay Media had submitted a purchase agreement. By the close of trading on Friday, WPTE stock had fallen to $1.10. At the time of writing, which is around Noon on Wall Street, WPTE is treading at $1.07 per share, a drop of $0.04 on the day.
Mandalay Media’s proposal consisted of approximately $36.5 million in stock and cash offerings. WPTE would have received $28.5 million in cash plus $5 million in Mandalay’s common stock and 5% of future revenues. The company had guaranteed that the latter sum would amount to at least $1 million per year over the next three years. The purchase agreement noted that the proposal equated to $1.77 per share, a premium of 61% over WPTE’s closing price on October 26th.
Under the terms of the sale to Party Gaming, WPTE will receive $12.3 million less affiliate payments it owes to the online gaming giant. WPTE will also receive 5% of future gross gaming revenue and 5% “of other future gross revenues less certain taxes and costs earned with the purchased assets in perpetuity.” Party Gaming has guaranteed that the future gaming revenue would total at least $3 million over a three-year period. Peerless Media is based in Gibraltar and its parent company is ElectaWorks Limited.
Once completed, WPTE officials plan to pursue non-poker-related business ventures. The sale’s effect on the WPT tournament circuit is currently unknown. WPT personnel are in the midst of filming the series’ eighth season and will kickoff the Foxwoods World Poker Finals on Thursday. The $10,000 buy-in tournament crowns a champion on November 10th. (Credit: Poker News Daily)
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PartyCasino Parent Company PartyGaming World Poker Tour Enterprises Deal Approved - 2nd November 2009
PartyGaming subsidiary Peerless Media will be purchasing The World Poker Tour (World Poker Tour Enterprises), despite an 11th hour bid by Mandalay Media for $36.5 million.
Peerless Media is based in Gibraltar and its parent company is ElectaWorks Limited.
PartyGaming's most well known brand is PartyPoker.com, followed by PartyCasino.com
In recent months PartyCasino.com is reported to be a major focus point of PartyGaming and one of the most profitable arms of the business.
PartyGaming will be looking to make the most of their World Poker Tour purchase, and this is expected to bring good news and outcomes to both the company bottom line and for players.
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PartyGaming subsidiary Peerless Media will be purchasing The World Poker Tour (World Poker Tour Enterprises), despite an 11th hour bid by Mandalay Media for $36.5 million.
Peerless Media is based in Gibraltar and its parent company is ElectaWorks Limited.
PartyGaming's most well known brand is PartyPoker.com, followed by PartyCasino.com
In recent months PartyCasino.com is reported to be a major focus point of PartyGaming and one of the most profitable arms of the business.
PartyGaming will be looking to make the most of their World Poker Tour purchase, and this is expected to bring good news and outcomes to both the company bottom line and for players.
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Virgin Games targets 5 percent of Italy's online poker market - 3rd November 2009
Britain's Virgin Group is aiming for a 5 percent share of Italy's booming online poker market within a year of its start-up, the chief executive of Virgin Games, Simon Burridge, said on Monday.
Virgin's online poker is operated in a revenue-sharing partnership with Italy's Cogetech SpA and Virgin sees this boosting its chances of success and keeping down costs, he said on the sidelines of a Virgin Games presentation.
"We are 'white labelling' it on the back of Cogetech. It is a lot less expensive. Cogetech does (player) registration and the banking. For Virgin it is just a marketing operation and that is what it does best," he said.
Since a "soft launch" in September Virgin's online poker has gained 8,000 players, he said.
"After six weeks we are on target to take 5 percent of the market after 12 months. The market is 200 million euros. So by December we are looking to be 10 million euros. We are looking to break-even in five or six months," he said.
Since its launch in September 2008, Italian online poker bets have risen to 221 million euros in September, Italian regulator AAMS data showed.
Italy's Lottomatica SpA (LTO.MI), Snai SpA (SNAI.MI) and the unlisted Sisal are among operators of online poker.
Some foreign operators have found Italy a difficult market to crack. In August, Britain's Ladbrokes PLC said it was selling its Italian retail operation to concentrate on online activities.
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Britain's Virgin Group is aiming for a 5 percent share of Italy's booming online poker market within a year of its start-up, the chief executive of Virgin Games, Simon Burridge, said on Monday.
Virgin's online poker is operated in a revenue-sharing partnership with Italy's Cogetech SpA and Virgin sees this boosting its chances of success and keeping down costs, he said on the sidelines of a Virgin Games presentation.
"We are 'white labelling' it on the back of Cogetech. It is a lot less expensive. Cogetech does (player) registration and the banking. For Virgin it is just a marketing operation and that is what it does best," he said.
Since a "soft launch" in September Virgin's online poker has gained 8,000 players, he said.
"After six weeks we are on target to take 5 percent of the market after 12 months. The market is 200 million euros. So by December we are looking to be 10 million euros. We are looking to break-even in five or six months," he said.
Since its launch in September 2008, Italian online poker bets have risen to 221 million euros in September, Italian regulator AAMS data showed.
Italy's Lottomatica SpA (LTO.MI), Snai SpA (SNAI.MI) and the unlisted Sisal are among operators of online poker.
Some foreign operators have found Italy a difficult market to crack. In August, Britain's Ladbrokes PLC said it was selling its Italian retail operation to concentrate on online activities.
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Monday, November 02, 2009
PartyCasino Wins Media Man Australia Online Casino Award - 2nd November 2009
PartyCasino.com Wins Media Man Australia Online Casino Award
PartyCasino.com has once again been awarded the Media Man Australia and Casino News Media "Online Casino Of The Month".
The competition for the coveted award was especially fierce this month with strong bids from both Captain Cooks Casino and Virgin Casino, however there can only be one winner, and that's PartyCasino.com
The accolade is based on a combination of elements including user experience, innovation, trustworthiness, customer service, gameplay, affiliate program offerings, newsworthiness and company values.
PartyCasino.com is one of a number of PartyGaming brands.
The most popular PartyCasino.com games of late include The Godfather, Mission: Impossible, Cleopatra, Sinatra, Thor, Monopoly, Rambo, The Naked Gun, Resident Evil and Mega Fortune Wheel.
In developing news the PartyCasino.com jackpot recently exceeded $4.5 million. It's largest ever online jackpot! Players can also compete for the Marvel Hero Jackpot, playing the Marvel super hero themed online slot games.
PartyCasino's most recent game releases include Tarzan, High Noon and Ramesses Riches.
In other exciting PartyGaming news, PartyPoker.com is running qualifiers to the world famous Aussie Millions Poker Championship at Crown Casino, Melbourne, Australia.
PartyCasino.com and PartyPoker.com customers can benefit from rewards and bonuses via PartyPoints and the Palladium Lounge.
Media Man Australia, Casino News Media and Global Gaming Directory do have a b2b relationship with PartyGaming, as they do with dozens of other companies in the gaming and igaming industry.
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PartyCasino.com Wins Media Man Australia Online Casino Award
PartyCasino.com has once again been awarded the Media Man Australia and Casino News Media "Online Casino Of The Month".
The competition for the coveted award was especially fierce this month with strong bids from both Captain Cooks Casino and Virgin Casino, however there can only be one winner, and that's PartyCasino.com
The accolade is based on a combination of elements including user experience, innovation, trustworthiness, customer service, gameplay, affiliate program offerings, newsworthiness and company values.
PartyCasino.com is one of a number of PartyGaming brands.
The most popular PartyCasino.com games of late include The Godfather, Mission: Impossible, Cleopatra, Sinatra, Thor, Monopoly, Rambo, The Naked Gun, Resident Evil and Mega Fortune Wheel.
In developing news the PartyCasino.com jackpot recently exceeded $4.5 million. It's largest ever online jackpot! Players can also compete for the Marvel Hero Jackpot, playing the Marvel super hero themed online slot games.
PartyCasino's most recent game releases include Tarzan, High Noon and Ramesses Riches.
In other exciting PartyGaming news, PartyPoker.com is running qualifiers to the world famous Aussie Millions Poker Championship at Crown Casino, Melbourne, Australia.
PartyCasino.com and PartyPoker.com customers can benefit from rewards and bonuses via PartyPoints and the Palladium Lounge.
Media Man Australia, Casino News Media and Global Gaming Directory do have a b2b relationship with PartyGaming, as they do with dozens of other companies in the gaming and igaming industry.
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Sunday, November 01, 2009
Poker News Media: News Update - 1st November 2009
World Poker Tour - Mandalay Media makes bid of $35 Million, PartyGaming to respond?
Aussie Millions at Crown Casino, Melbourne, Australia Jan 2010 to be biggest and best yet
PartyPoker - Stewart Scott, 2009 Aussie Millions winner flying the flag well for Party
PartyPoker.com does Aussie Millions promotion
Titan Poker - offering huge bonuses, ramping up European tours
Noble Poker, builds upon brand with Noble Casino
PKR Poker keeps building in popularity
PokerStars.com - U.S funds investigation may effect players and partners
Shane Warne, Joe Hachem talk poker and fund raising via poker with Network Ten's 7PM Project
Mike Sexton, Poker Hall of Famer maintains strong industry and fan support
Paris Hilton plans to keep poker and casino industry tie ins
American gaming - Poker Players Alliance keep up the good night with US government, campaign
World Series of Poker - still biggest poker brand in the world says insiders, media
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World Poker Tour - Mandalay Media makes bid of $35 Million, PartyGaming to respond?
Aussie Millions at Crown Casino, Melbourne, Australia Jan 2010 to be biggest and best yet
PartyPoker - Stewart Scott, 2009 Aussie Millions winner flying the flag well for Party
PartyPoker.com does Aussie Millions promotion
Titan Poker - offering huge bonuses, ramping up European tours
Noble Poker, builds upon brand with Noble Casino
PKR Poker keeps building in popularity
PokerStars.com - U.S funds investigation may effect players and partners
Shane Warne, Joe Hachem talk poker and fund raising via poker with Network Ten's 7PM Project
Mike Sexton, Poker Hall of Famer maintains strong industry and fan support
Paris Hilton plans to keep poker and casino industry tie ins
American gaming - Poker Players Alliance keep up the good night with US government, campaign
World Series of Poker - still biggest poker brand in the world says insiders, media
Website Network
Global Gaming Directory
Casino News Media
Poker News Media
Australian Casino News
Media Man Australia
Mandalay Media Bids $35 Million for World Poker Tour, by Dan Cypra - 30th October 2009
It appears that the fight to purchase World Poker Tour Enterprises (WPTE) is not over. In August, a subsidiary of Party Gaming put in a bid to buy the roving tournament series for $12.3 million. Now, Mandalay Entertainment has upped the ante to $35 million.
The price of poker is going up. On Friday, the industry received news that Mandalay Entertainment, which a Los Angeles business publication described as “a global publisher and distributor of branded entertainment for 3G mobile networks, including images, video, TV programming, and games,” offered $1.69 per share to buy the WPT. The dollar value represented a 54% premium over the WPTE’s closing price on October 26th.
At the time of writing, shares of WPTE, which are traded on the NASDAQ Stock Exchange under the same four-letter symbol, were fetching $1.14. A statement released by Mandalay stated that the previous proposal offered no payout to WPTE investors. Instead, the company would use its $12.3 million in newfound money and invest in a business outside of the poker industry. The Mandalay proposal, worth three times the amount of Party Gaming’s offer, “would provide significant cash and stock directly into the hands of WPT shareholders,” according to the company.
A WPTE shareholders’ meeting took place at 10:00am PT at the Renaissance Hollywood Hotel today. On the docket was a vote on the Party Gaming bid. A WPTE spokesperson commented that they could not discuss the proceedings due to SEC rules. Mandalay Entertainment is unrelated to the casino in Las Vegas of the same name, which is owned by MGM Mirage.
As part of the Mandalay proposal, WPTE shareholders would receive $35 million in a mixture of stock and cash consisting of $10 million in Mandalay stock plus the balance in cash. The offer explains, “Based on October 26, 2009 closing prices, our offer represents a 23% premium over the value at closing of your proposed asset sale with Peerless and a 54% premium over WPTE`s closing price.”
Mandalay Entertainment boasts annual revenues of $40 million and the company noted that it could conduct its due diligence of WPTE within 10 days. Its letter to WPTE Board members explained several reasons that it would make for an attractive trading partner, including “seasoned” industry veterans in management roles, social networking experience, and access to a vast mobile phone network that includes users of Verizon, AT&T, Sprint, and Virgin Mobile. It added, “Mandalay Media can leverage its mobile platform and operator relationships throughout the world to provide a full mobile social media and sports/poker playing experience.”
Under the terms of its sale with Peerless Limited, a subsidiary of Party Gaming, WPTE agreed to turn over its television library, brand names, and trade names. In return, the company would receive a cash payment of $12.3 million “less the amount of certain obligations of an affiliate of PartyGaming.” In addition, WPTE officials would also receive 5% of future gross gaming revenues and 5% of other funds raised from the sale.
Also in the terms of the WPTE’s sale to Party Gaming is a $1 million termination fee. The WPTE is already on the hook for $1 million owed to Gamynia Limited, which completed purchase of the company’s assets back in August. Gamynia is a subsidiary of Playtech, which owns and operates the iPoker Network, and bid just over $9 million for WPTE.
Mandalay’s stock is traded on the OTC Bulletin Board under the symbol MNDL. At the time of writing, its asking price was $0.49 per share, up $0.04 on the day. Shares of WPTE, meanwhile, rocketed on the news, climbing from $1.11 at the close of business on Thursday to $1.42 to open the day on Friday, a rise of 28%, before falling back to $1.14.
We’ll have more on this breaking story right here on Poker News Daily. (Credit: Poker News Daily)
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It appears that the fight to purchase World Poker Tour Enterprises (WPTE) is not over. In August, a subsidiary of Party Gaming put in a bid to buy the roving tournament series for $12.3 million. Now, Mandalay Entertainment has upped the ante to $35 million.
The price of poker is going up. On Friday, the industry received news that Mandalay Entertainment, which a Los Angeles business publication described as “a global publisher and distributor of branded entertainment for 3G mobile networks, including images, video, TV programming, and games,” offered $1.69 per share to buy the WPT. The dollar value represented a 54% premium over the WPTE’s closing price on October 26th.
At the time of writing, shares of WPTE, which are traded on the NASDAQ Stock Exchange under the same four-letter symbol, were fetching $1.14. A statement released by Mandalay stated that the previous proposal offered no payout to WPTE investors. Instead, the company would use its $12.3 million in newfound money and invest in a business outside of the poker industry. The Mandalay proposal, worth three times the amount of Party Gaming’s offer, “would provide significant cash and stock directly into the hands of WPT shareholders,” according to the company.
A WPTE shareholders’ meeting took place at 10:00am PT at the Renaissance Hollywood Hotel today. On the docket was a vote on the Party Gaming bid. A WPTE spokesperson commented that they could not discuss the proceedings due to SEC rules. Mandalay Entertainment is unrelated to the casino in Las Vegas of the same name, which is owned by MGM Mirage.
As part of the Mandalay proposal, WPTE shareholders would receive $35 million in a mixture of stock and cash consisting of $10 million in Mandalay stock plus the balance in cash. The offer explains, “Based on October 26, 2009 closing prices, our offer represents a 23% premium over the value at closing of your proposed asset sale with Peerless and a 54% premium over WPTE`s closing price.”
Mandalay Entertainment boasts annual revenues of $40 million and the company noted that it could conduct its due diligence of WPTE within 10 days. Its letter to WPTE Board members explained several reasons that it would make for an attractive trading partner, including “seasoned” industry veterans in management roles, social networking experience, and access to a vast mobile phone network that includes users of Verizon, AT&T, Sprint, and Virgin Mobile. It added, “Mandalay Media can leverage its mobile platform and operator relationships throughout the world to provide a full mobile social media and sports/poker playing experience.”
Under the terms of its sale with Peerless Limited, a subsidiary of Party Gaming, WPTE agreed to turn over its television library, brand names, and trade names. In return, the company would receive a cash payment of $12.3 million “less the amount of certain obligations of an affiliate of PartyGaming.” In addition, WPTE officials would also receive 5% of future gross gaming revenues and 5% of other funds raised from the sale.
Also in the terms of the WPTE’s sale to Party Gaming is a $1 million termination fee. The WPTE is already on the hook for $1 million owed to Gamynia Limited, which completed purchase of the company’s assets back in August. Gamynia is a subsidiary of Playtech, which owns and operates the iPoker Network, and bid just over $9 million for WPTE.
Mandalay’s stock is traded on the OTC Bulletin Board under the symbol MNDL. At the time of writing, its asking price was $0.49 per share, up $0.04 on the day. Shares of WPTE, meanwhile, rocketed on the news, climbing from $1.11 at the close of business on Thursday to $1.42 to open the day on Friday, a rise of 28%, before falling back to $1.14.
We’ll have more on this breaking story right here on Poker News Daily. (Credit: Poker News Daily)
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Mandalay Media Increases Proposal to Acquire World Poker Tour to $36.5 million, $1.77 Per Share - 30th October 2009
LOS ANGELES -- Mandalay Media, Inc. (OTCBB:MNDL) today announced that it has increased its
proposal to the Board of Directors of WPT Enterprises, Inc. (NASDAQ:WPTE). The revised proposal is to acquire WPT for $36.5 million, consisting of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million. The estimated value to shareholders per share is $1.77, including the guaranteed portion of the revenue participation rights, and as adjusted for the actual share count at
closing. The proposal represents a premium of approximately 61% over the closing price of WPT`s common stock on October 26, 2009 and a premium of approximately 28% over the implied value at closing of WPT`s pending asset sale with Peerless Media Ltd.
In a letter to WPT`s Board of Directors, Mandalay`s Co-Chairman Robert Ellin stated that Mandalay proposal is a "Superior Proposal" as that term is defined under the asset purchase agreement with Peerless.
Mandalay stated that the proposed asset sale with Peerless provides no payment or distribution of any kind to WPT`s shareholders. In contrast, the Mandalay proposal would provide significant cash and stock directly into the hands of WPT shareholders.
In addition, Mandalay stated that in order to enable the WPT board of directors to comply with its fiduciary duties to give serious consideration of the Mandalay proposal, Mandalay urged the board of WPT to postpone the Special Meeting of Shareholders currently scheduled for October 30, 2009. Mandalay has asked to meet with the WPT board as soon as possible.
The full text of the letter, dated October 29, 2009, follows:
Mandalay Media, Inc.
2121 Avenue of the Stars, Suite 2550
Los Angeles, CA 90067
October 29, 2009
The Board of Directors
WPT Enterprises, Inc.
5700 Wilshire Blvd. Suite 350
Los Angeles, California 90036
Re: Cash and Stock Proposal at $1.77 per share
Dear Members of the Board:
This letter supersedes our letter dated October 28th.
Since the announcement of your proposed asset sale with Peerless Media (Peerless), Mandalay Media, Inc. (OTC-BB: MNDL) (Mandalay) has given serious consideration to a combination of Mandalay and WPT Enterprises, Inc. (WPTE). We believe a strategic combination of Mandalay and WPTE would deliver significant value to our respective shareholders, and position the combined company for substantial future growth.
By this letter, we are proposing a transaction that provides WPTE`s shareholders a significant premium over both WPTE`s current market price and the current value of the Peerless transaction. There is no doubt that our offer is a "Superior Proposal" as that term is defined under your asset purchase agreement with Peerless.Accordingly, we would like to meet with you as soon as possible to discuss the terms of our offer in greater detail.In addition, in order to enable the WPTE board of directors to comply with its fiduciary duties to give serious
consideration of our proposal, we urge the board to postpone the Special Meeting of Shareholders currently scheduled for October 30, 2009.
As you know, the proposed asset sale with Peerless provides no payment or distribution of any kind to WPTE`s shareholders.In addition, as WPTE`s proxy materials make clear, WPTE has no present intention or plan to conduct any stock repurchases or otherwise distribute either the proceeds of the Peerless sale or WPTE`s excess cash to shareholders, even though WPTE would no longer have any material operating assets.
In contrast, our proposal would provide significant, immediate cash and stock directly into the hands of your shareholders, and values WPTE significantly higher.
Under our proposal, which has no financing contingency, Mandalay and WPTE would combine and WPTE shareholders would receive, in the aggregate, approximately $36.5 million in stock and cash, consisting of: (i) $28.5 million of cash plus (ii) $5 million in Mandalay common stock plus (iii)substantially the same perpetual 5% revenue share as offered by Peerless, including a guarantee for the payments to be at least $1 million per year for 3 years.On a per share basis,
had we closed on October 22, 2009 (when our stock closed at $.50 per share), and using your August 12, 2009 outstanding shares of 20,603,333, each share of common stock of WPTE would be converted into the right to receive (including the $3 million in the aggregate/$.15 per share guaranteed portion of the revenue share) approximately $1.77 per share as follows: (1) $1.53 in cash plus (2) .48 shares of Mandalay common stock, having an implied value of $.24 per WPTE
share.The actual number of shares of Mandalay to be issued will be determined as of prior to closing, but the total value of the stock component will be fixed at $5 million.Our proposal assumes no material change in WPTE`s assets and liabilities.The post-closing indemnity provisions would be substantially the same as in the Peerless transaction.
Based on October 26, 2009 closing prices, our offer represents a 61% premium over the value at closing of your proposed asset sale with Peerless and a 28% premium over WPTE`s closing price.
We expended substantial effort in developing this value on the basis of publicly-available information.Once we have the opportunity to conduct due diligence of non-public information and to negotiate with representatives of WPTE we can confirm the value we ascribe to WPTE. To that end, we would be prepared to enter into an appropriate confidentiality agreement.We expect to
conclude all due diligence within 10 days after receiving a short list of requested materials.
We believe that your shareholders would find this proposal compelling, and to that end, though this is not a binding offer, we are prepared to move quickly toward the negotiation and entry into a mutually acceptable transaction agreement with you.
Mandalay Media is a global publisher and distributor of branded entertainment for 3G mobile networks, including images, video, TV programming, and games. With distribution in 40 countries through 120 major mobile operators, it offers over 400 branded WAP sites, chat services, and customized video clips.Additionally, Mandalay Media distributes more than 150 mobile game titles from content partners such as Sony, Taito, THQ, Digital Chocolate, THQ, and others. Its
patented Play For Prizes platform is available on Verizon, AT&T, Sprint, and Virgin Mobile, and includes titlessuch as Wheel of Fortune, Jeopardy, Frogger, and Jewel Quest.
We believe the strategic rationale for combining Mandalay Media and WPTE is compelling for a number of reasons:
* Mandalay Media has the management team, seasoned veterans and strategic relationships necessary to lead the company in its multiple service offerings and distribution channels.
* Mandalay Media will cultivate and expand long-term global contracts for its television content.
* Mandalay Media can leverage its mobile platform and operator relationships throughout the world to provide a full mobile social media and sports / poker playing experience.
* Mandalay Media will tap into Facebook and additional social media websites to develop and publish a more compelling and branded next generation poker experience that currently offered.
* Mandalay Media through its existing platform technologies can provide a "connected" game experience for the internet as well as third screens (mobile phones). Players can always be part of the WPT community wherever they are.
* Mandalay Media through its Play for Prizes platform is uniquely positioned to deliver mobile and internet skill with prizes game play. As gambling becomes legal, we will already be positioned to immediately offer that functionality to the WPT community.
Although the majority of our proposal consists of cash, we wish to call your attention to some of the reasons we believe Mandalay`s common stock is attractive. Mandalay recognizes annualized revenue of $40 million. With the expected synergies and cost savings from the combination of the two public companies, we expect annual revenues and EBITDA of the combined company to
exceed $60 million and $8 million, respectively, starting from the closing.
We expect that the combined company will be listed on Nasdaq`s capital market, with a larger market capitalization, greater following and enhanced liquidity for shareholders.
Our interest in this transaction is a reflection of our firm belief that a combination of our companies would be highly beneficial financially to both of our shareholder groups and accretive to Mandalay`s earnings per share.In sum, we believe our proposal is superior to your proposed transaction with Peerless based on its higher current value, and the opportunity for WPTE shareholders to share in the enhanced prospect of growth of a stronger combined franchise.
The Board of Directors of Mandalay has unanimously approved this proposal and has authorized our management team to proceed.
We would like to meet with you before the scheduled shareholders meeting to discuss our proposal in greater detail.In any event, whether or not a meeting can be arranged before Friday, we urge you to postpone your shareholders meeting to allow full and serious consideration of our proposal. Please feel free to contact Robert Ellin at Mandalay Media, Inc. at 310 601 2500 or to have your financial or legal advisors contact Mr. Ellin regarding the matters set forth herein. We look forward to meeting with you soon.
Sincerely,
Mandalay Media, Inc.
By:/s/ Robert Ellin
Co-Chairman
About Mandalay Media, Inc.
Managed by leading media and technology industry executives, MNDL`s mission is to build a unique combination of new media distribution and content companies through acquisitions with domestic and foreign businesses with strong management teams and historical financial performance. Through its wholly-owned subsidiary Twistbox Entertainment, Inc. ("Twistbox"), MNDL is a leading global producer and publisher of mobile entertainment. Twistbox has exclusive licenses with industry-leading brands, direct distribution with more than 120 wireless
operators in over 45 countries and provides an extensive portfolio of award-winning games, WAP sites and mobile TV channels. Its wholly-owned subsidiary AMV Holding Limited is a European leader in direct-to-consumer mobile Internet content and services.
For more information, please visit www.mandalaymediainc.com or www.twistbox.com.
Statement on Cautionary Factors
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities of WPT Enterprises, Inc. Subject to future developments, additional documents regarding a transaction with WPT Enterprises, Inc. may be filed with the Securities and Exchange Commission (the "Commission") and, if and when available, would be accessible for free at the Commission's website at www.sec.gov. Investors and security holders are urged to read such disclosure documents, if and when they become available, because they will contain important information. The disclosure documents may also be obtained for free from Mandalay Media, Inc., if and when available, by directing a request to Mandalay Media, Inc., 2121 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, Attention: Investor Relations.
Mandalay Media, Inc. and its directors and executive officers and other persons may be deemed to be participants in any solicitation of proxies in respect of the proposed transaction. Information regarding Mandalay Media`s directors and executive officers is available in its Annual Report on Form 10-K for the year ended March 31, 2009, which was filed with the SEC on July 14, 2009. Other information regarding the participants in the proxy solicitations and a
description of their direct and indirect interests, by security holdings or otherwise, will be contained in any proxy statements/prospectuses and other relevant materials to be filed with the SEC when they become available.
No assurance can be given that the proposed transaction described in this press release will be successfully completed, or completed on the terms proposed or any particular schedule, that the proposed transaction will not incur delays in obtaining any approvals required for a transaction or that we will realize the anticipated benefits of any proposed transaction.
This press release contains forward-looking statements about MNDL within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the proposed acquisition of WPT Enterprises, Inc. Statements including words such as "estimate", "expect", "anticipate" or "believe" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Some of the factors which could cause MNDL`s results to differ materially from the expectations include the following: consumer demand for the MNDL`s products; consumer spending trends; fluctuations in the currencies of the countries in which MNDL operates against the US dollar; timely development and release of MNDL`s products; competition in the industry; the MNDL`s ability to manage expenses; MNDL`s ability to manage and sufficiently integrate acquisitions of other companies; adverse changes in the securities markets; and other factors described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2009. MNDL does not undertake, and specifically disclaims any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Mandalay Media, Inc.
Jim Lefkowitz, 310-601-2500
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LOS ANGELES -- Mandalay Media, Inc. (OTCBB:MNDL) today announced that it has increased its
proposal to the Board of Directors of WPT Enterprises, Inc. (NASDAQ:WPTE). The revised proposal is to acquire WPT for $36.5 million, consisting of $28.5 million in cash, $5 million in Mandalay Media stock and perpetual revenue participation rights, guaranteed to be at least $3 million. The estimated value to shareholders per share is $1.77, including the guaranteed portion of the revenue participation rights, and as adjusted for the actual share count at
closing. The proposal represents a premium of approximately 61% over the closing price of WPT`s common stock on October 26, 2009 and a premium of approximately 28% over the implied value at closing of WPT`s pending asset sale with Peerless Media Ltd.
In a letter to WPT`s Board of Directors, Mandalay`s Co-Chairman Robert Ellin stated that Mandalay proposal is a "Superior Proposal" as that term is defined under the asset purchase agreement with Peerless.
Mandalay stated that the proposed asset sale with Peerless provides no payment or distribution of any kind to WPT`s shareholders. In contrast, the Mandalay proposal would provide significant cash and stock directly into the hands of WPT shareholders.
In addition, Mandalay stated that in order to enable the WPT board of directors to comply with its fiduciary duties to give serious consideration of the Mandalay proposal, Mandalay urged the board of WPT to postpone the Special Meeting of Shareholders currently scheduled for October 30, 2009. Mandalay has asked to meet with the WPT board as soon as possible.
The full text of the letter, dated October 29, 2009, follows:
Mandalay Media, Inc.
2121 Avenue of the Stars, Suite 2550
Los Angeles, CA 90067
October 29, 2009
The Board of Directors
WPT Enterprises, Inc.
5700 Wilshire Blvd. Suite 350
Los Angeles, California 90036
Re: Cash and Stock Proposal at $1.77 per share
Dear Members of the Board:
This letter supersedes our letter dated October 28th.
Since the announcement of your proposed asset sale with Peerless Media (Peerless), Mandalay Media, Inc. (OTC-BB: MNDL) (Mandalay) has given serious consideration to a combination of Mandalay and WPT Enterprises, Inc. (WPTE). We believe a strategic combination of Mandalay and WPTE would deliver significant value to our respective shareholders, and position the combined company for substantial future growth.
By this letter, we are proposing a transaction that provides WPTE`s shareholders a significant premium over both WPTE`s current market price and the current value of the Peerless transaction. There is no doubt that our offer is a "Superior Proposal" as that term is defined under your asset purchase agreement with Peerless.Accordingly, we would like to meet with you as soon as possible to discuss the terms of our offer in greater detail.In addition, in order to enable the WPTE board of directors to comply with its fiduciary duties to give serious
consideration of our proposal, we urge the board to postpone the Special Meeting of Shareholders currently scheduled for October 30, 2009.
As you know, the proposed asset sale with Peerless provides no payment or distribution of any kind to WPTE`s shareholders.In addition, as WPTE`s proxy materials make clear, WPTE has no present intention or plan to conduct any stock repurchases or otherwise distribute either the proceeds of the Peerless sale or WPTE`s excess cash to shareholders, even though WPTE would no longer have any material operating assets.
In contrast, our proposal would provide significant, immediate cash and stock directly into the hands of your shareholders, and values WPTE significantly higher.
Under our proposal, which has no financing contingency, Mandalay and WPTE would combine and WPTE shareholders would receive, in the aggregate, approximately $36.5 million in stock and cash, consisting of: (i) $28.5 million of cash plus (ii) $5 million in Mandalay common stock plus (iii)substantially the same perpetual 5% revenue share as offered by Peerless, including a guarantee for the payments to be at least $1 million per year for 3 years.On a per share basis,
had we closed on October 22, 2009 (when our stock closed at $.50 per share), and using your August 12, 2009 outstanding shares of 20,603,333, each share of common stock of WPTE would be converted into the right to receive (including the $3 million in the aggregate/$.15 per share guaranteed portion of the revenue share) approximately $1.77 per share as follows: (1) $1.53 in cash plus (2) .48 shares of Mandalay common stock, having an implied value of $.24 per WPTE
share.The actual number of shares of Mandalay to be issued will be determined as of prior to closing, but the total value of the stock component will be fixed at $5 million.Our proposal assumes no material change in WPTE`s assets and liabilities.The post-closing indemnity provisions would be substantially the same as in the Peerless transaction.
Based on October 26, 2009 closing prices, our offer represents a 61% premium over the value at closing of your proposed asset sale with Peerless and a 28% premium over WPTE`s closing price.
We expended substantial effort in developing this value on the basis of publicly-available information.Once we have the opportunity to conduct due diligence of non-public information and to negotiate with representatives of WPTE we can confirm the value we ascribe to WPTE. To that end, we would be prepared to enter into an appropriate confidentiality agreement.We expect to
conclude all due diligence within 10 days after receiving a short list of requested materials.
We believe that your shareholders would find this proposal compelling, and to that end, though this is not a binding offer, we are prepared to move quickly toward the negotiation and entry into a mutually acceptable transaction agreement with you.
Mandalay Media is a global publisher and distributor of branded entertainment for 3G mobile networks, including images, video, TV programming, and games. With distribution in 40 countries through 120 major mobile operators, it offers over 400 branded WAP sites, chat services, and customized video clips.Additionally, Mandalay Media distributes more than 150 mobile game titles from content partners such as Sony, Taito, THQ, Digital Chocolate, THQ, and others. Its
patented Play For Prizes platform is available on Verizon, AT&T, Sprint, and Virgin Mobile, and includes titlessuch as Wheel of Fortune, Jeopardy, Frogger, and Jewel Quest.
We believe the strategic rationale for combining Mandalay Media and WPTE is compelling for a number of reasons:
* Mandalay Media has the management team, seasoned veterans and strategic relationships necessary to lead the company in its multiple service offerings and distribution channels.
* Mandalay Media will cultivate and expand long-term global contracts for its television content.
* Mandalay Media can leverage its mobile platform and operator relationships throughout the world to provide a full mobile social media and sports / poker playing experience.
* Mandalay Media will tap into Facebook and additional social media websites to develop and publish a more compelling and branded next generation poker experience that currently offered.
* Mandalay Media through its existing platform technologies can provide a "connected" game experience for the internet as well as third screens (mobile phones). Players can always be part of the WPT community wherever they are.
* Mandalay Media through its Play for Prizes platform is uniquely positioned to deliver mobile and internet skill with prizes game play. As gambling becomes legal, we will already be positioned to immediately offer that functionality to the WPT community.
Although the majority of our proposal consists of cash, we wish to call your attention to some of the reasons we believe Mandalay`s common stock is attractive. Mandalay recognizes annualized revenue of $40 million. With the expected synergies and cost savings from the combination of the two public companies, we expect annual revenues and EBITDA of the combined company to
exceed $60 million and $8 million, respectively, starting from the closing.
We expect that the combined company will be listed on Nasdaq`s capital market, with a larger market capitalization, greater following and enhanced liquidity for shareholders.
Our interest in this transaction is a reflection of our firm belief that a combination of our companies would be highly beneficial financially to both of our shareholder groups and accretive to Mandalay`s earnings per share.In sum, we believe our proposal is superior to your proposed transaction with Peerless based on its higher current value, and the opportunity for WPTE shareholders to share in the enhanced prospect of growth of a stronger combined franchise.
The Board of Directors of Mandalay has unanimously approved this proposal and has authorized our management team to proceed.
We would like to meet with you before the scheduled shareholders meeting to discuss our proposal in greater detail.In any event, whether or not a meeting can be arranged before Friday, we urge you to postpone your shareholders meeting to allow full and serious consideration of our proposal. Please feel free to contact Robert Ellin at Mandalay Media, Inc. at 310 601 2500 or to have your financial or legal advisors contact Mr. Ellin regarding the matters set forth herein. We look forward to meeting with you soon.
Sincerely,
Mandalay Media, Inc.
By:/s/ Robert Ellin
Co-Chairman
About Mandalay Media, Inc.
Managed by leading media and technology industry executives, MNDL`s mission is to build a unique combination of new media distribution and content companies through acquisitions with domestic and foreign businesses with strong management teams and historical financial performance. Through its wholly-owned subsidiary Twistbox Entertainment, Inc. ("Twistbox"), MNDL is a leading global producer and publisher of mobile entertainment. Twistbox has exclusive licenses with industry-leading brands, direct distribution with more than 120 wireless
operators in over 45 countries and provides an extensive portfolio of award-winning games, WAP sites and mobile TV channels. Its wholly-owned subsidiary AMV Holding Limited is a European leader in direct-to-consumer mobile Internet content and services.
For more information, please visit www.mandalaymediainc.com or www.twistbox.com.
Statement on Cautionary Factors
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities of WPT Enterprises, Inc. Subject to future developments, additional documents regarding a transaction with WPT Enterprises, Inc. may be filed with the Securities and Exchange Commission (the "Commission") and, if and when available, would be accessible for free at the Commission's website at www.sec.gov. Investors and security holders are urged to read such disclosure documents, if and when they become available, because they will contain important information. The disclosure documents may also be obtained for free from Mandalay Media, Inc., if and when available, by directing a request to Mandalay Media, Inc., 2121 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, Attention: Investor Relations.
Mandalay Media, Inc. and its directors and executive officers and other persons may be deemed to be participants in any solicitation of proxies in respect of the proposed transaction. Information regarding Mandalay Media`s directors and executive officers is available in its Annual Report on Form 10-K for the year ended March 31, 2009, which was filed with the SEC on July 14, 2009. Other information regarding the participants in the proxy solicitations and a
description of their direct and indirect interests, by security holdings or otherwise, will be contained in any proxy statements/prospectuses and other relevant materials to be filed with the SEC when they become available.
No assurance can be given that the proposed transaction described in this press release will be successfully completed, or completed on the terms proposed or any particular schedule, that the proposed transaction will not incur delays in obtaining any approvals required for a transaction or that we will realize the anticipated benefits of any proposed transaction.
This press release contains forward-looking statements about MNDL within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the proposed acquisition of WPT Enterprises, Inc. Statements including words such as "estimate", "expect", "anticipate" or "believe" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Some of the factors which could cause MNDL`s results to differ materially from the expectations include the following: consumer demand for the MNDL`s products; consumer spending trends; fluctuations in the currencies of the countries in which MNDL operates against the US dollar; timely development and release of MNDL`s products; competition in the industry; the MNDL`s ability to manage expenses; MNDL`s ability to manage and sufficiently integrate acquisitions of other companies; adverse changes in the securities markets; and other factors described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2009. MNDL does not undertake, and specifically disclaims any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Mandalay Media, Inc.
Jim Lefkowitz, 310-601-2500
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