888 Revises Bwin.party Takeover Offer

Published on Wednesday 2nd September 2015, 11:20 am
Posted in: Casino Business

Casino Business

Gaming firm 888 has revised its offer in the battle to take over bwin.party after rival GVC Holdings made a much larger bid for the company. 888 valued bwin.party at £898.4 million in July, with GVC bidding £1.1 billion at the start of August. The details of 888’s new proposal have yet to be revealed, but bwin.party confirmed the terms would be discussed with key shareholders before any decision was made.

In a statement, bwin.party announced that its board’s unanimous recommendation of the initial 888 bid still stood, depsite GVC’s more lucrative proposal and 888’s new offer, which is said to be “subject to a number of pre-conditions, which can be waived in whole or in part by 888.” GVC had previously revealed that it felt it had made “significant process” with its takeover bid.

Online casino, sportsbook, poker and bingo provider 888, which rejected a takeover approach from William Hill in February, is reported to be confident that bwin.party shareholders will look favourably on its bid, due to it including a larger ratio of cash to shares than GVC’s offer.

The deal from GVC, which owns Sportingbet, had been questioned by some who were not convinced the new merged company would be able to secure a New Jersey gaming licence or main market listing on the London Stock Exchange.

A decision from bwin.party is expected in the next few days once shareholders have established the deal they think is most suitable for the firm.

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