Poker stars bid for WPT expires - Tuesday 12th of July 2005

Poker star Doyle Brunsons $700 million offer to buy WPT Enterprises Inc. has officially expired.

Brunson confirmed the deal is dead, Reuters reported.

Last week, WPT, which owns the World Poker Tour and an online gambling Web site, announced it received an unsolicited buyout offer from Brunson. The bid was allowed to expire after WPT requested, but did not receive additional information about the deal from Brunson.

Minnetonka-based Lakes Entertainment Inc. owns 64 percent of West Hollywood, Calif.-based WPT.

Shares in WPT and Lakes Entertainment had soared to record highs following reports of Brunsons offer.

WPT (Nasdaq: WPTE - News) shares were down $1.59, or 7.2 percent, to $20.39 in afternoon trading Wednesday. The stock hit a 52-week high of $29.50 on Friday.

Lakes Entertainment (Nasdaq: LACOE - News) shares were down 66 cents, or 4.3 percent, to $14.85 Wednesday afternoon. The stock peaked at nearly $18.99 on Friday.

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