Brunson launches bid for WPT Enterprises

WPT Enterprises, Inc. (WPTE) announced today that Doyle Brunson has put forth a $700 million cash bid to acquire the company, which owns the World Poker Tour (WPT) and the Professional Poker Tour (PPT) as well as real money gambling Web site, www.WPTonline.com.

Brunson made his bid with a team of financial backers this past Thursday, July 7, apparently taking the company by surprise.

Company spokeswoman Jackie Lapin admitted that it came as a shock to the company, but said the board would be reviewing the offer in the near future though a date has yet to be set.

WPT stock soared 55.4% as a result of the bid, reaching a record high of $27.60 on Nasdaq. The company has a market capitalization of approximately $357 million, and the bid offers a 100% premium over Thursday's WPT closing price of $17.75.

WPT Enterprises was founded in March 2002 and went public in August 2004 at $8 a share, with shares reaching their previous record high of $24.40 last month.