Allied Esports Entertainment said it has determined that a revised proposal from Bally’s Corp, constitutes a superior proposal under the company’s pending stock purchase agreement with Element Partners.

As per the terms of Bally’s revised proposal, Bally’s would acquire all of the equity interests of Club Services Inc., an indirect wholly-owned subsidiary of Allied Esports that directly or indirectly owns the company’s poker-related business and assets, including the entities comprising the World Poker Tour, for consideration totaling $90 million in cash at the closing.

Allied Esports notified Element that it plans to terminate their stock purchase agreement unless, prior to 5:00 p.m. Pacific Time on March 19, 2021, Allied Esports and Element negotiate an amendment to their pending stock purchase deal such that the Bally’s revised proposal no longer constitutes a Superior Proposal.

Before making its determination regarding Bally’s revised proposal, Allied Esports received a proposal from Bally’s to sell the outstanding capital stock of the Company for $100 million, which would include the sale of the World Poker Tour and the Company’s esports operations.