Noting its vantage point, analysts and industry commentators have stated that it is likely that bwin.party governance will hold out for bid increases from both 888 and GVC. 888’s proposal has a bigger cash sweetener for investors, with 39.45p in cash on offer as well as 0.404 of an 888 share for Bwin.party shareholders.
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Sportingbet-owner GVC is pressing ahead with its attempt to gatecrash 888’s takeover of Bwin. (BPTY.L) noted the earlier announcement today made by GVC Holdings PLC (GVC.L) and confirmed that bwin.party is continuing to discuss with GVC and its advisers certain aspects of the GVC proposal. Social gathering and make a £1bn bid for the web playing firm.
Online gambling operator GVC Holdings claims it has made “significant progress” in bid talks with larger rival Bwin.party after rumours emerged it had increased its proposed offer for the company last week.
As previously indicated, there can be no certainty that an offer will be made by GVC for bwin.party and bwin.party’s directors’ unanimous recommendation of 888 Holdings plc’s offer, that was announced on 17 July 2015, is unchanged by this announcement.
GVC has since jettisoned the Amaya Gaming partnership plan in favor of different secondary funding from private-equity group Cerberus Capital Management, which is believed to be more palatable to bwin.party executives.
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That proposal valued bwin.party at approximately 124 pence per share, based on GVC’s closing mid-market price on August 21st of 427 pence per share.
