GVC’s €900 Million Bid for bwin.party

bwin partybwin party has confirmed reception of GVC’s acquisition offer this morning, the latter also stated it had approached bwin party with an offer at 110p per share, valuing the business at around €900m (€1.3bn/$1.4bn).

bwin party’s announcement confirms media reports published earlier in the week, both groups said they would now work together to secure “acceptance of its (the) proposal and, in turn, making an offer to bwin.party shareholders”.

GVC submitted the offer in partnership with Amaya Gaming, which it earlier confirmed it had been working with in order to complete a reverse takeover of bwin.party, although rival operator 888 is also said to have put forward a reverse takeover bid, the company has not communicated on the matter.

“The board has considered the GVC proposal, the potential benefits of which it believes can accrue to bwin.party shareholders from a combination of the two companies and the commitment shown to resolving a number of transaction-related issues, and has determined to work with GVC so that they can finalise their offer over the coming days,” bwin.party said.

“There can be no guarantee that a formal announcement of a transaction will be made by GVC or any other party and the board will make further announcements in due course.”

In a statement, GVC chief executive Kenneth Alexander stated that a combined business would offer GVC and bwin.party shareholders an “excellent opportunity”.

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