US watchdog probes $700m poker bid
by Amy Yee
Financial Times
US regulators are investigating a $700m bid for World Poker Tour Enterprises launched by Doyle Brunson, one of the game's best-known players.
The Securities and Exchange Commission on Friday said it is formally investigating whether Mr Brunson's unsolicited offer and its publication violated anti-fraud laws.
Shares in WPTE, parent of the World Poker Tour television series, rose more than 50 per cent when the offer from Mr Brunson and unnamed investors was disclosed in July.
But the shares fell when the bid expired just a few days later. WPTE could not substantiate the offer, saying Mr Brunson and Goodman & Chesnoff, the Las Vegas law firm representing him, had ended communication.
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