GVC again raises bid for Bwin.party

GVC again raises bid for Bwin.party

Friday, August 7, 2015
Bwin.party says it still recommends the offer from 888

Bwin.party says it still "unanimously" recommends 888’s takeover offer despite a new proposal from GVC worth 20 per cent more per share.

The 125.5p offering from GVC is the Sportingbet owner’s third bid, having already offered 110p and 122.5p over the last month, meaning the company now values Bwin.party at £1.03bn (€/$).

However, Bwin.party today (Friday) said that it still backs 888’s 104.9p per share offer, with analysts suggesting that possible synergies is the key to its leading position.

“The board of Bwin.party notes the earlier announcement today made by GVC and confirms that Bwin.party is working closely with GVC and its advisers with a view to progressing certain aspects of the GVC proposal to enable that proposal to be evaluated fully by the Bwin.party board," a bwin.party statement said. 

“There can be no certainty that an offer will be made by GVC for Bwin.party. Bwin.party's directors' unanimous recommendation of 888 Holdings’ offer is unchanged by this announcement.”

GVC has reiterated that it still has not made a formal offer for Bwin.party, but is hopeful of making progress in the next two weeks.

A GVC statement read: “GVC is working closely with bwin.party and its advisers with a view to progressing the remaining open aspects of its proposal to enable the Bwin.party board to make a full evaluation of the proposal. GVC anticipates that this work should conclude within the next five to 10 business days.

“There can be no certainty that an offer for Bwin.party will be made by the company.”
 

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