24th Aug 2015 06:49
LONDON (Alliance News) - AIM-listed gaming company GVC Holdings PLC on Monday said it has made a fully-funded proposal to acquire larger online gaming company Bwin.Party Digital Entertainment PLC, the latest attempt by the company to derail Bwin.Party's planned takeover by 888 Holdings PLC.
GVC said it has made a bid of 25 pence per share in cash and 0.231 GVC shares for every Bwin.Party share, a deal which values the FTSE 250 company at around 124 pence per share, or around GBP1.02 billion in total. Bwin.Party shares ended Friday at 114.30p.
GVC has made two previous bids for Bwin.Party, which so far have been rejected by Bwin.Party in favour of a planned merger with 888. 888's agreed bid was for the lower amount of 104.09p in cash and shares, but Bwin.Party decided to go with the 888 deal due to the execution risks involved in GVC's offer.
Bwin.Party confirmed Monday it has received GVC's offer and is in talks with GVC and its advisers on certain aspects of the bid. It added its agreed deal with 888 is not affected by the announcement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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