Esports and poker entity, Allied Esports Entertainment, has opted out of its acquisition agreement with Element Partners, favoring a more lucrative proposition from Bally’s Corporation.
Previously, Allied, a branch of Chinese firm Ourgame International, had consented in January 2021 to divest its poker-centric holdings and activities to Element Partners. The arrangement under consideration was valued at $78.3 million, with Element Partners poised to obtain Allied’s prized possession, the World Poker Tour (WPT).
Nevertheless, Bally’s intervened with an unsolicited bid in March, presenting a substantial $100 million, a considerable portion of which would be delivered in immediate cash. Allied now perceives this as the superior agreement, leaving Element Partners struggling to enhance their offer.
Although Allied has granted Element Partners a time limit to improve their proposal, there’s no certainty that an accord with Bally’s will ultimately materialize.