bloggingbuyouts

PurePlay has announced the closing of Series C equity financing round for $15 million. The company claims to be the first and the largest online, legal non-gambling poker site with a record 1 million users and to-date has given away $3 million in cash prizes. The funding will allow PurePlay to increase marketing and expand infrastructure to handle the rapid growth.

Investors include Bay Partners, Ron Conway, James Joaquin, and other Silicon Valley investors. Ron Conway formerly headed Angel Investors LP and is currently an independent angel investor. He wrote "The Godfather of Silicon Valley" and, notably, he sits on the boards for Facebook, Plaxo, Anchor Intelligence, Associated Content and Zappos. He was also an initial investor in Google. James Joaquin funded When.com, presided over OFoto and Xoom and acts as a venture partner at Bridgescale Partners.

Maybe this company doesn't even need the potential regulatory loosening up that has been proposed by Barney Frank.

MGM Mirage(NYSE:MGM) is recently up $1.78 to $87.38. Dubai World, a holding company for the Persian Gulf state, announced on 8/22/07 it will pay $2.7 billion to acquire a stake in MGM City Center, a 76-acre Las Vegas development. Dubai World will also buy 14 million shares from MGM for $84 a share and 14 million from investors. Unconfirmed chatter is circulating Dubai World will raise its tender bid.

Penn National Gaming(NYSEPENN), a diversified, multi-jurisdictional owner and operator of gaming properties, agreed to be acquired on 6/15/07 by certain funds managed by affiliates of Fortress Investment(NYSE:FIG) and Centerbridge Partners for $67 dollars a share. The deal is expected to close in mid-2008. PENN is recently trading at $58.26.

Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Station Casinos (NYSE: STN) volatility Elevated as Arbitrage spread widens. STN, a gaming and entertainment company owns and operates eight major hotel/casino properties & six smaller properties in Las Vegas. STN is recently down $1.61 to $81.30. STN Chairman & Chief Executive Frank J. Fertitta & Colony Capital expect to close on their $90 purchase of STN before year's end. STN October option implied volatility of 29 is above its 32-week average 17 of according to Track Data, suggesting larger price risks.

First Data (NYSE: FDC) volatility Elevated as Arbitrage spread widens. FDC, the world's largest processor of credit-card payments, announced on April 2 it would be purchased by Kohlberg Kravis Roberts & Co. (KKR) for $29 billion. FDC shareholders will receive $34 in cash for each share. FDC is recently trading down 81 cents to $30.20. The deal is expected to close in the third quarter. FDC September option implied volatility of 33 is above 16-week average of 17 according to Track Data, suggesting larger risk.

Guitar Center (NYSE: GTRC) volatility Elevated as Arbitrage spread widens. GTRC is recently down $1.46 to $55.47. GTRC announced on June 27 it would be acquired by Bain Capital for $63; the total transaction value is $2.1 billion. GTRC September option implied volatility of 26 is above its 7-week average of 15 according to Track Data, suggesting larger risk.

Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.