12th Jun 2015 07:11
LONDON (Alliance News) - Bwin.Party Digital Entertainment PLC Friday said takeover proposals for the company will be unaffected as two shareholders look to sell 50 million shares in the online gambling company.
In a statement, bwin.party said it has "become aware" that the independent trustees of both Emerald Bay Ltd and Stinson Ridge Ltd have decided to sell up to 50 million shares in the company through a placing.
The bookmaker said the placing arrangements are consistent with the trusteees obligations to sell their holdings before the end of October under the terms agreed by the shareholders. Those terms were announced by bwin.party at the end of October 2013.
Chairman Philip Yea said the news gives clarity to the market about a big block of shares due to be sold.
"The sale has no bearing on the board's discussions regarding proposals received from third parties that are continuing and whilst there can be no guarantee that these discussions will result in any transaction taking place, the board will make further announcements in due course," Yea added.
Various suitors have been circling bwin.party as a potential takeover. 888 Holdings PLC is one of the companies vying for the company, while AIM-listed GVC Holdings PLC's interest is backed by Canadian gaming and gambling company Amaya Inc.
By Samuel Agini; [email protected]; @samuelagini
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