Allied Esports Entertainment today announced that it has amended its stock purchase agreement with Element Partners, to sell all of the outstanding capital stock in the Company’s poker-related business. The amendment to the agreement increases the purchase price from $90.5 million (£66 million/€78 million) to $105 million (£76 million/€90 million).
The Company’s Board of Directors unanimously approved the amendment to the stock purchase agreement.
When compared to the terms of the proposal received from Bally’s Corporation to acquire the WPT Business for $105 million, the Board of Directors determined that the offer did not constitute a “Superior Proposal”.
The transaction is expected to close in late April 2021, assuming the Company’s stockholders approve the transaction and following required regulatory approvals and other customary closing conditions.