Element Partners submitted a revised bid for Allied Esports, World Poker Tour assets increasing the overall purchase price from $68.25 million to $90.5 million.

Allied’s board of directors unanimously approved the revised stock purchase agreement. In connection with approval of the revised stock purchase agreement, the company’s board of directors, in consultation with its financial and legal advisors, compared the terms of the revised stock purchase agreement to the terms of the proposal received from Bally’s Corporation to acquire the WPT Business for $90.0 million.

After such review, the board of directors determined that the Bally’s proposal did not constitute a “Superior Proposal” as such term was defined in the stock purchase agreement with Element.

The transaction is expected to close in late April 2021, assuming the company’s shareholders approve the transaction and following required regulatory approvals and other customary closing conditions.