Mandalay Media Inc., a new media entertainment company specializing in 3G mobile networks, joined what seems to be a big trend in business lately by expressing interest in purchasing the World Poker Tour.

Mandalay Media's offer- significantly larger than Peerless Media LTD's $12.3 million, which in turn had trumped Gamynia LTD's $9 million- is said to be worth $36.5 million or about $1.77 per share of company stock. 

The $36.5 million would- according to a recent press release- be broken down into $28.5 million in cash, plus $5 million worth of Mandalay Media stock and rights to a percentage of future revenue valued at $3 million or more.

In a letter from Mandalay Media Inc., which was reprinted in a recent article from Reuters, Mandalay notes to the WPT Board of Directors that this new offer is clearly a "Superior Proposal" over that put forward by Peerles Media LTD (a subsidiary of PartyGaming), and urged that the Board consider postponing a scheduled meeting on the Peerless Media offer, until Mandalay Media Inc. had a chance to meet with them first.


Story by Mark Anderson