Takeover Heats Up Takeover Heats Up

Friday, 28 August 2015

The race between 888 Holdings and GVC Holdings to secure took another turn this week after the latter was given another shot to close the deal.

Although it seemed as though the terms offered by 888 Holdings were more appealing with a deal virtually done earlier this month, is now willing to reconsider GVC Holdings's proposal and potentially accept the rival bid.

According to reports, the reason for this new willingness to reconsider GVC Holdings's bid, which has always been worth more to financially, is the fact the companies have now addressed previous concerns that once plagued the offer.

" has now asked GVC Holdings to clarify, with respect to its proposal, the best terms on which GVC Holdings is prepared to make a formal offer to acquire all of the issued and to be issued shares in," read a statement from

Under the terms of business, 888 Holdings has been informed of the offer to submit a new proposal and will be given the option to adjust its own bid accordingly if necessary.

Although this process may take some time, some commentators believe that a deal either way will be finalized by the end of next week. Moreover, while there are no cast iron guarantees on this, it's likely the recently announced merger between Betfair and Paddy Power will help speed up the process.

Regardless of which way ultimately goes, the end result should be a huge payout for the current board. With both companies offering around $1 billion, the current race for's assets should be seen as a win for it.

Tags:, GVC Holdings, 888 Holdings, Paddy Power, Betfair