Suitors enter talks with bwin.party as share price rockets

Suitors enter talks with bwin.party as share price rockets

Wednesday, November 12, 2014 Totally Gaming

Bwin.party’s share price soared this (Wednesday) afternoon after the online gambling company confirmed that it had entered preliminary talks with multiple interested parties that could lead to an offer for the company.

Amaya Gaming, which recently acquired PokerStars, and gaming software giant Playtech were reported to be among the contenders.

None of the parties were immediately available to speak to TotallyGaming.com, but in an update issued this afternoon, Playtech said that it had “€297m ($370m) of senior, unsecured convertible bonds due 2019”.

The London Evening Standard newspaper said that Playtech had set aside €315m for acquisitions and “organic opportunities”.

According to the Financial Times newspaper, Amaya would consider offering 145p per share, valuing the company a £1.1bn (€1.4bn/$1.7bn).

Bwin.party said in a statement: “Further to recent media speculation regarding a possible bid for bwin.party, the board of bwin.party confirms that it has entered into preliminary discussions with a number of interested parties regarding a variety of potential business combinations with a view to creating additional value for bwin.party shareholders.

“Such discussions may or may not result in an offer being made for the company. However, as all such discussions remain at a preliminary stage, there can be no certainty as to whether or not they will result in any form of transaction with any party.”

The company’s share price rocketed by 10.5% to close at 119.1p on the London Stock Exchange on Wednesday, valuing the company at just over £1bn.

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