WPT Enterprises Up on $700 Million Bid by Doyle "Texas Dolly" Brunson

Friday, July 8th, 2005

By Belinda Goldsmith

NEW YORK (Reuters) - U.S. poker champion Doyle Brunson has bid $700 million cash for WPT Enterprises Inc. (NasdaqNM:WPTE - News) just days after the company known for its World Poker Tour television show launched an online gaming site.

Market rumors of the bid, which were later confirmed by WPT, sent its shares surging almost 59 percent on Friday to a new high of $28.20 on Nasdaq.

The bid offers a 100 percent premium over the Thursday closing price of $17.75 which valued WPT at about $357 million.

"This bid was unsolicited," Chief Financial Officer Todd Steele told Reuters. "We are going through the normal evaluation process for anything of this nature, and that will likely result in bringing it before the board."

Steele did not have a date for a board meeting or details of terms of the bid, which was received on Thursday and the company was trying to verify.

WPT spokeswoman Jackie Lapin said the bid was made by Brunson with a team of unidentified financial backers.

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