7th Aug 2015 09:37
LONDON (Alliance News) - GVC Holdings PLC on Friday said it has made a fully-funded proposal to acquire Bwin.Party Digital Entertainment PLC in cash and shares, as it continues to attempt to gatecrash 888 Holdings PLC's takeover of the FTSE 250-listed online gaming company.
GVC said it has made a bid under which Bwin.Party shareholders would get 25 pence in cash and 0.231 new GVC ordinary shares, valuing Bwin.Party at 125.5 pence per share.
Bwin.Party confirmed the talks but both GVC and Bwin.Party said there remains no certainty that GVC will make a firm takeover offer.
GVC said it remain in talks with Bwin.Party and its advisers with a view to progressing the open aspects of its Bwin.Party bid and hopes to complete this work in the next five-to-ten business days.
GVC shares were up 0.6% to 437.7 pence on Friday, while Bwin.Party shares were flat at 117.1 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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