Element and Allied Esports agree terms on increased WPT offer
| By Robert Fletcher
Privately-held investment vehicle Element Partners has agreed terms with Allied Esports Entertainment (AESE) on an increased takeover offer for Allied’s poker business, including the World Poker Tour (WPT).
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In January, Element and Allied reached an agreement on an offer worth $78.3m for WPT, but earlier this month, Allied revealed Bally’s had submitted a proposal to buy the business for $100m in cash, stock or both.
The Bally’s offer would have seen the previous agreement with Element terminated if it was accepted.
In response, Element has lodged a new proposal, which would see it pay $90.5m up front for the WPT business and Allied’s other poker assets.
The latest offer includes a clause whereby if Allied were to accept a competing acquisition offer, or conclude the sale of the business to another party within 12 months of agreeing terms with Element, it would need to pay a termination fee of $3.5m.