Offer for Poker Firm Expires

U.S. poker champion Doyle Brunson confirmed Wednesday that his $700-million offer to buy gaming entertainment group WPT Enterprises Inc. had expired, pushing the stock down an additional 8%.

Los Angeles-based WPT, which owns the popular World Poker Tour television show, said a group of investors led by Brunson submitted the offer last Thursday and asked for a response by Tuesday, with a one-week extension provision.

News of the unsolicited bid sent WPT’s stock price soaring more than 50% on Friday to an intraday high of $29.50 before closing at $26.50.

But the bid, coming just days after WPT launched an online gaming service, was short-lived.

“The proposal was not accepted by the company nor was an extension of time requested. Accordingly, the proposal expired by its own terms,” Brunson said in an e-mail statement.

A spokesman for Brunson declined to provide further details.

WPT said Friday that it was trying to obtain additional information about the offer to check its credibility.

The company had no information about the other investors involved in the offer besides Brunson, 71, one of the best-known professional poker players in the United States.

WPT indicated Monday that it would not respond to the offer by Tuesday and would not seek an extension.

“We are not expecting anything further from [Brunson],” a WPT spokesman said Wednesday.

Shares of WPT fell $1.75 on Wednesday to $20.23 after sliding 5.3% on Tuesday and 12.5% on Monday.