Online wagering company Bwin accepts GVC takeover bid

4 September 2015

Online wagering company Bwin has accepted a ₤ 1.1 bn takeover offer from GVC Holdings in choice to competing bidder, 888 Holdings.

Bwin had initially consented to a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, fought back.

Bwin - whose brand names include Partypoker, Partycasino and Foxy Bingo - stated GVC's offer was "fair and affordable".
bet9ja.com
Bwin chairman Philip Yea said in a company video that investors were split about the 888 bet9ja's welcome offer.

"There was a quite even split of those that expressed views one method or the other. But we likewise had a considerable block of shares that enjoyed to support the board on its deliberations,"
bit.ly
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 cost.

Reducing costs

Bwin said the GVC offer provided ₤ 120m extra value compared with the 888 quote.
bit.ly
The business stated they were also swayed by greater anticipated cost savings and GVC's track record of integrating acquisitions, such as that of Sportingbet in 2013.

Earlier this promotion code week it was reported that GVC was prepared to introduce a hostile bid for Bwin.

The 888 board confirmed it had withdrawn from the yohaig code bidding procedure stating it can not see adequate worth in Bwin to increase its bet9ja's welcome offer.
bet9ja.com
Stricter guidelines are pushing online betting business to merge to attempt and reduce operating costs.

Size is also seen as crucial to make sure competitiveness in an online market buoyed by the use of tablets and mobiles.
bet9ja.com
Shares in Bwin, increased in early trading in response to the news, however have since fallen.
bet9ja.com
GVC shares shut down by almost 4%. Meanwhile 888 shares closed up by 0.31%.

GVC declines to offer up on Bwin bid

7 August 2015
bet9ja.com
GVC ups stakes in Bwin bidding war

27 July 2015

888 in takeover method for Bwin
bet9ja.com
18 May 2015

Bwin.party

GVC Holdings

888 Holdings