22nd Sep 2015 13:44
LONDON (Alliance News) - AIM-listed investing company Sarossa PLC on Tuesday said it has subscribed for a tranche of the shares being issued by GVC Holdings PLC to back is acquisition of online gaming company Bwin.Party Digital Entertainment PLC.
Sarossa said it will buy 473,934 GVC shares for 422.0 pence per share, spending GBP2.0 million in the process. GVC is seeking to raise up to GBP150.0 million from the share issue. Shares in GVC were down 0.6% to 400.00 pence on Tuesday.
GVC struck a deal earlier this month to acquire Bwin.Party in a deal worth around GBP1.12 billion in cash and shares. Bwin.Party had been due to be acquired by another listed gaming company, 888 Holdings PLC, but walked away from that deal to go with the rival bid from GVC.
Sarossa shares were down 6.1% to 1.7701 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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