On Tuesday, bwin.party confirmed that it has received another acquisition proposal from 888 Holdings, though it has not revealed any of the proposal’s details. The brief announcement is as follows:
Further to its announcement on 27 August regarding a proposal from GVC Holdings PLC (‘GVC’), the Board of bwin.party (‘bwin.party’) confirms it has also now received a revised proposal from 888 Holdings plc (’888′). This revised proposal is subject to a number of pre-conditions (which can be waived in whole or in part by 888).
The Board of bwin.party is evaluating this proposal, together with that received from GVC, and intends to consult with its key shareholders in the coming days before making a final determination as to which proposal is in the best interests of shareholders. A further announcement will be made in due course.
The Board’s unanimous recommendation of 888′s offer, which was announced on 17 July 2015, remains unchanged by this announcement. Documentation in respect of this offer was posted to shareholders on 28 August 2015.
This follows an announcement made by 888 from last Friday, August 28th, in which 888 basically just acknowledged that GVC Holdings, its competitor in the bidding for bwin.party, has clarified some issues regarding its own proposal to bwin.party and may make a formal offer:
The Board of 888 (the “Board”) notes the announcement made this morning by bwin.party concerning a potential offer for bwin.party. The Board continues to believe that the combination of the 888 and bwin.party businesses announced on 17 July 2015 (the “Proposed Transaction”) under the 888 management team would generate significant value for both sets of shareholders.
Following a detailed due diligence exercise, 888 made an offer comprising a significant cash component along with an approximate 49% ownership interest in the combined business. This offer was unanimously recommended by bwin.party. The Board continues to believe that its offer is of significantly greater intrinsic value than the proposal outlined by GVC Holdings PLC on 24 August 2015.
The Board notes that it remains the unanimously recommended bidder and continues to work towards the completion of the Proposed Transaction. 888 publishes its interim results for the 6 months to 30 June 2015 on 28 August 2015 and anticipates publishing a prospectus and shareholder circular in relation to the Proposed Transaction on the same day.
To summarize the timeline to this point, GVC Holdings announced on July 9th that it made a proposal to buy bwin.party for 110p per share. On July 17th, 888 announced its own, lower-priced proposal of 104.09p per share, but bwin.party’s Board of Directors recommended that one to shareholders, citing stronger corporate synergies, but it is also thought that bwin.party simply feels more comfortable with 888 than with GVC, especially when GVC was partnered with Amaya Gaming at the time. Amaya owns both PokerStars and Full Tilt Poker.
On July 27th, GVC Holdings announced a new proposal in which it increased its bid to 122.5p per share, this time without Amaya’ help. The company has been in talks with bwin.party to iron out some of the terms of the proposal, but bwin.party’s Board has yet to change its recommendation to shareholders.
All three starting flights are in the books at the 2015 World Poker Tour (WPT) Legends of Poker Main Event and now it is on to Tuesday’s Day 2. David McCaw dominated Day 1C on Monday, opening up a nearly 100,000 chip lead on his nearest competitor. He is also the overall Day 1 chip leader with 272,100 chips, easily outpacing Day 1B leader Leonid Markin (203,000) and Day 1A top man JC Tran (201,700).
Day 1C saw 336 players pay the $ 3,700 to participate, bringing the three-day total to 721 entrants Registration is still open until the start of Day 2, upon which the prize pool and payout schedule will be finalized. 284 players made it through the three starting flights, so with late entrants, we’re probably looking at 290-300 people sitting down on Tuesday.
Should the field stay exactly the same, the prize pool will be $ 2,412,826.50 (721 entrants x $ 3,450 buy-in less 3 percent for an administration fee).
The chip leader, David McCaw, is a Brooklynite with a modest live tournament resume. He has just $ 29,021 in earnings (though I would gladly take that), with his largest cash coming from a 21st place finish in this year’s California State Poker Championship, a run which earned him $ 6,240. He does have one World Series of Poker cash, as he eeked into the money in the Millionaire Maker event this summer.
Some notable names who survived Day 1C (credit to WPT.com for the updates) include WPT commentator, Poker Hall of Famer, and “Ambassador of Poker,” Mike Sexton, last season’s WPT Player of the Year Anthony Zinno, Scotty Nguyen, Dan Shak, Tom Marchese, and Joseph Cheong.
Mike Sexton’s broadcast partner, Vince Van Patten, was eliminated on Day 1C, so we are fairly confident that there was no collusion (BUT WHAT ABOUT CHIP DUMPING). Others who will need to pony up before Day 2 starts if they want to continue are Faraz Jaka, David Benyamine, and Aaron Massey.
2015 World Poker Tour Legends of Poker – Day 1C Chip Leaders
1. David McCaw – 272,100
2. Justin Schwartz – 184,000
3. Anthony Pitesa – 171,100
4. Greg Pohler – 169,200
5. Steve Vargas – 155,600
6. Brett Murray – 140,200
7. Nicholas Pupillo – 133,300
8. Tom Marchese – 129,000
9. Danny Fuhs – 126,400
10. Jason Les – 111,900
2015 World Poker Tour Legends of Poker – Combined Day 1 Chip Leaders
1. David McCaw – 272,100
2. Leonid Markin – 203,000
3. JC Tran – 201,700
4. Daniel Wagner – 199,900
5. Justin Schwartz – 184,000
6. Paul Lindsay – 189,300
7. Mark Scacewater – 179,100
8. Aditya Prasetyo – 179,100
9. Anthony Pitesa – 171,100
10. Greg Pohler – 169,200
Full Tilt Poker is known for hosting one of the most popular poker tournament series on the internet, the Full Tilt Online Poker Series (FTOPS). Many an online pro has made their mark winning FTOPS events and the rewards have been lucrative. Starting in September, Full Tilt is changing things up a bit, introducing a new tournament series designed with the recreational player in mind: the Full Tilt Classic.
The Full Tilt Classic will begin Friday, September 11th, and run through Sunday, September 20th, featuring 20 events. Monday through Saturday, two events will be held each day, at 12:30 and 14:30. On Sunday, the schedule shifts an hour earlier – the two tournaments will begin at 11:30 and 1:30.
As Full Tilt says, it is getting “back to basics” with the Full Tilt Poker Classic. No levels of buy-in tiers, no pros hosting tournaments, and not a lot of game variety. Two events per day for ten days. Most of the tournaments will be No-Limit Hold’em, but there is some Omaha, Razz, and mixed games thrown in there. There are even odd varieties like No-Limit Omaha Hi-Lo and Six-Card Omaha, but on the whole, there are not a lot of exotic games. Table sizes for the tourneys vary: four-max, six-max, eight-max, and full ring are all represented. There are no heads-up events.
As mentioned, this seems to be geared towards casual players, as buy-ins range from just $ 10 to $ 100. You won’t see any super high roller events here. The Main Event is the final one, on Sunday, September 20th. It is your good, old No-Limit Hold’em freezeout with a $ 100 buy-in and a $ 75,000 guaranteed prize pool. All told, there is $ 270,000 in guaranteed prize money across the entire series.
On top of all that, there will be Full Tilt Classic Side Events interspersed amongst the 20 regular tournaments. There are 40 of these, ten per day, and they are all No-Limit Hold’em, though there is some variety within that game type (table size, re-entry, etc.). Once again, buy-ins range from $ 10 to $ 100, but there are no guaranteed prize pools.
As is always the case with tournament series at Full Tilt, there is a Full Tilt Classic Leaderboard. Players earn points for participating in events and more points based on where they finish. The top 100 points earners at the end of the Classic will win prizes, all paid out in tournament tickets (told you this was for recreational players). First place will receive two $ 50 tournament tickets, four $ 25 tickets, and five $ 10 tickets, for a total value of $ 250 worth of tickets.
And, of course, Full Tilt is holding satellites in which players can gain entry into any of the events. There are also freeroll satellites, though players must qualify for them. For the first two, held on September 11th, players must earn one Full Tilt Point in the 24 hours leading up to the tournament to earn entry. For any of the other freerolls, players must participate in a Full Tilt Classic event on the previous day.
The survivors from the three starting flights of the 2015 World Poker Tour (WPT) Legends of Poker Main Event, plus some late entrants, came together in a single field for the first time on Tuesday for Day 2 of the tournament at the “legendary” (HA! I crack me up.) Bicycle Casino in Bell Gardens, California. Just 74 players moved on to Day 3 and leading the way is Michael Wang with 832,000 chips.
Yesterday, we told you that the combined field through Days 1A, 1B, and 1C was 721 and that 284 players made it through to Day 2, but that late registration Tuesday could change things. It did. Players were able to register up until the start of play Tuesday and, as it turned out, more people did that we had predicted. The Legends of Poker Main Event saw an additional 65 players pay $ 3,700 for 25 big blinds worth of chips (30,000 chips, to be exact) Tuesday, bringing the tournament total to 786 players. Thus, 349 people took their seats to begin Day 2.
Thus, with $ 3,450 of the $ 3,700 going toward the prize pool and 3 percent being withdrawn as an administration fee, the total prize pool for the 2015 WPT Legends of Poker Main Event is $ 2,630,349. A total of 72 players will make the money, minimum $ 7,583, with the winner cashing in for $ 675,942. As there are 74 players remaining, the short stacks likely didn’t sleep well Monday night, as there are still two eliminations needed before the money bubble bursts.
Michael Wang is the only player with more than 800,000 chips and, in fact, only 11 of the 74 remaining players even have over half a million. One of Wang’s biggest hands came near the end of the night. He was already in good shape, sitting with somewhere over 600,000 chips, but this boost really set him apart from the field. According to WPT.com, on a flop of T♥-7♥-2♠, a player moved all-in for 157,000 chips and Wang asked the dealer for a chip count. After receiving the number and pondering his move, Wang decided to make the call with pocket Queens. It was a wise decision, as his opponent had only made a pair of Tens. Neither the turn nor river helped either player, but by default that meant that it benefited Wang, so the other guy was out and Wang’s stack skyrocketed to, at the time, 790,000 chips.
Wang will look to increase his chip lead on Wednesday when Day 3 gets underway at 1:00pm.
2015 World Poker Tour Legends of Poker – Day 2 Chip Leaders
1. Michael Wang – 832,000
2. Corey Hochman – 765,000
3. Danny Fuhs – 761,000
4. Rubin Chappell – 696,000
5. Gregory Milliron – 650,000
6. Spike Le – 633,000
7. Dmitriy Bykov – 580,000
8. JC Tran – 574,000
9. KC Nam – 540,000
10. David Chase – 529,000
I don’t need some old wrinkled up losers sitting behind desks who have never worked a real day of work in their entire lives telling me how I can spend my money.
I thought america was the land of the free. Land of the free my big fat white ass.
GO TO HELL OBAMA!