American digital entertainments firm Allied Esports International Incorporated has announced the signing of a revised arrangement to offload the entirety of its poker-related operations to a newly-established entity known as Element Partners LLC.
The Nasdaq-listed company used an official Monday press release to detail that the proposed undertaking would see Element Partners LLC immediately hand over $90.5 million in cash so as to acquire the equity in its Club Services Incorporated subsidiary, which handles all of its poker interests including the World Poker Tour (WPT) gaming and entertainments brand.
Opposing offer:
Allied Esports International Incorporated revealed that it inked a similar understanding worth up to $78.25 million in January but was forced to reconsider this deal last week when American land-based casino operator Bally’s Corporation lodged a rival $90 million bid for its Club Services Incorporated arm. This proposal was subsequently granted ‘superior proposal’ status and meant that Element Partners LLC had until last Friday afternoon to present a counter or risk losing its fight to take over the entity behind the WPT and its accompanying ClubWPT.com membership domain.
Official authorization:
The California-based company explained that its board of directors has now unanimously decided to approve the revised agreement from Element Partners LLC after the bidder returned with the improved purchase price. It stated that the undertaking would moreover oblige it to pay a $3.45 million termination fee should it ‘accept a competing acquisition proposal or consummates an acquisition proposal within twelve months after termination of the revised stock purchase agreement.’
Swift completion:
Headquartered in the Los Angeles suburb of Irvine, Allied Esports International Incorporated proclaimed that it now expects to close the sale of its Club Services Incorporated subordinate to Element Partners LLC late next month so long as the undertaking is approved by shareholders and satisfies the ‘required regulatory approvals and other customary closing conditions.’
Get-out clause:
Finally, Allied Esports International Incorporated divulged that the revised arrangement with Element Partners LLC furthermore allows either party to scrub the proposed purchase agreement at any time between now and the end of September if ‘conditions to the closing have not been satisfied’ so long as the ‘terminating party is not in material breach of the revised stock purchase agreement.’
Fresh focus:
Allied Esports International Incorporated has owned the iconic WPT brand established almost 20 years ago by American attorney and television producer Steven Lipscomb since June of 2015. However, the firm has been seeking to dispose of its poker interests so as to be better able to concentrate on its estate of eSports venues including a 30,000 sq ft arena located inside the 30-story Luxor Las Vegas property from MGM Resorts International.
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