Element initially agreed to acquire the assets for a total consideration of $78.3m, which was approved by Allied’s board of directors subject to shareholder and regulatory approval.
In early March, Bally’s went on to submit a proposal to acquire the entire Allied business for $100m in cash, stock, or both, in a deal that would terminate the agreement made with Element.
Terms were then agreed last week on an increased offer from Element, which amended its deal to to pay $90.5m upfront for the WPT business and Allied’s other poker assets.