The Aim-listed business has been working with Bwin and its adviser Deutsche Bank to help overcome worries they have had about a takeover proposal that GVC made earlier this month.
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Bwin is the subject of rival bids from GVC and 888 Holdings as the two companies seek to grow and improve their economies of scale in the face of increased regulation.
The online gambling firm said will continue its talks with GVC Holdings (LON:GVC) – with latter confirming it will resubmit its bid proposal in the next few days.
Nick Batram, an analyst at Peel Hunt, said: “If GVC’s management can convince Bwin’s board and advisors that these synergies are real and deliverable, 888 will have to sweeten its own offer to emerge victorious”.
On Thursday GVC was reported to be ready to offer Bwin 130p a share, valuing the FTSE 250 company at around £1.1bn.
“The company will update shareholders accordingly”.
“The bwin.party board will provide a further update as and when appropriate”.
888 has already agreed a deal to acquire bwin.party for approximately £898.3 million, whereas GVC is yet to have an offer accepted.
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On 7 August 2015, GVC confirmed that it had made a fully funded proposal to the Board of bwin.party digital entertainment for the acquisition of the entire issued and to be issued share capital of bwin.party and which valued each bwin.party share at 25p in cash and 0.231 new GVC ordinary shares.
