Online Betting Company Bwin Accepts GVC Takeover Bid

Online wagering business Bwin accepts GVC takeover quote

4 September 2015

Online betting company Bwin has accepted a ₤ 1.1 bn takeover offer from GVC Holdings in preference to rival bidder, 888 Holdings.
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Bwin had actually originally concurred to a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, fought back.

Bwin - whose brands consist of Partypoker, Partycasino and Foxy Bingo - said GVC's deal was "fair and affordable".

Bwin chairman Philip Yea said in a business video that investors were divided about deserting the 888 bet9ja's welcome offer.

"There was a quite even divided of those that expressed views one method or the yohaig code other. But we also had a considerable block of shares that was happy to support the board on its deliberations,"

GVC's bet9ja's welcome offer, external of 25p in money and 0.231 brand-new GVC shares comes to nearly 130p per Bwin.party share based on Thursday's closing rate.

Reducing costs

Bwin said the GVC offer provided ₤ 120m extra worth compared to the 888 quote.

the yohaig code business stated they were also swayed by greater expected savings and GVC's track record of integrating acquisitions, such as that of Sportingbet in 2013.

Earlier today it was reported that GVC was prepared to introduce a hostile quote for Bwin.
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The 888 board verified it had withdrawn from the bidding procedure saying it can not see adequate value in Bwin to increase its bet9ja's welcome offer.

Stricter policies are pushing online betting business to combine to try and minimize running costs.
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Size is also viewed as crucial to ensure competitiveness in an online market buoyed by the yohaig code use of tablets and mobiles.
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Shares in Bwin, increased in early trading in response to the news, but have actually given that fallen.

shut down by almost 4%. Meanwhile 888 shares closed up by 0.31%.
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GVC refuses to offer up on Bwin bid

7 August 2015

GVC ups stakes in Bwin bidding war
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27 July 2015

888 in takeover approach for Bwin
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18 May 2015

Bwin.party

GVC Holdings

888 Holdings
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