888 Ups bwin.party Bid

888 Ups bwin.party Bid

Tuesday, 1 September 2015

The ongoing battle for control of bwin.party took yet another turn this week with 888 Holdings submitting an increased offer for the iGaming platform.

Following last week's news that bwin.party had reconsidered an offer from GVC Holdings and accepted more favourable terms, the other player in the game, 888 Holdings, has now exercised its right to table an improved bid.

Although the details of this improved offer have not yet been disclosed, it reportedly comes with a number of pre-conditions that will now be the subject of another meeting between the members of bwin.party's board.

Back in mid-July, 888 Holdings became the preferred partner in the bwin.party takeover bid thanks to an £898.3 million bid and a set of favourable terms. However, GVC Holdings has continued to apply pressure on the situation with ever-increasing cash offers.

The latest move has seen GVC Holdings offer 130p per share, which equates to over £1 billion. But, despite being a more lucrative cash deal, some members of the bwin.party board have been concerned that a takeover by GVC Holdings would be much tougher to complete, partly because it's a smaller company.

However, all being equal, there is a chance that GVC Holdings can secure the deal. Late last week, bwin.party appeared receptive to a new set of terms offered by GVC Holdings; so now it will be a case of wait and see for the two interested parties.

Tags: bwin.party, GVC Holdings, 888 Holdings