World Poker Tour shares slid as bid crumples Tue Jul 12, 2005 04:42 PM ET NEW YORK, July 12 (Reuters) - Gaming entertainment company WPT Enterprises Inc's (WPTE.O: Quote, Profile, Research) shares slid on Tuesday after a $700 million bid from U.S. poker champion Doyle Brunson crumpled, prompting some queries about the offer's veracity. A company spokeswoman said WPT, which owns the popular World Poker Tour television series, spoke to Brunson late Monday who indicated he would provide no further information about the vague, cash offer that was received last Thursday. The offer represented a 100 percent premium to WPT's closing price on Thursday when the market valued the company at about $357 million. It priced WPT shares at about $36.50 each. "We expect the bid to expire at 5:30 p.m. today with no further action taken. It's back to business," she said. The company said it had tried repeatedly to get information about the offer and Brunson himself then declined to give more details. The spokeswoman said she did not know whether Brunson had failed to secure financial backers or why he made the bid. But analysts questioned the credibility of the offer which triggered a 50 percent surge in California-based WPT's share price on Nasdaq on Friday to a new closing high of $26.50. Since then the shares have slipped, dropping 5.3 percent to $21.98 on Tuesday after falling 12.5 percent on Monday. Analyst Steven Gart from San Francisco-based Langner & Co., that focuses on small cap investors, said some were terming the offer a "pump and dump" but stressed the potential of WPT's online gaming operations launched two weeks ago. "We feel that shares will continue to be weak as it now appears, perhaps, there isn't anything tangible behind the Brunson bid," he said in a client note. "We would be buyers at the $18-$19 level based on our fundamental analysis." Shares in WPT's largest shareholder, casino operator Lakes Entertainment Inc. (LACOE.O: Quote, Profile, Research) , that holds a 62 percent stake, has also had a rollercoaster ride on the back of the offer. Lakes shares rose almost 22 percent on Friday to $18.09 before falling 11 percent on Monday and 3.5 percent on Tuesday to close at $15.51.