18th May 2015 07:00
LONDON (Alliance News) - 888 Holdings PLC on Monday confirmed press reports over the weekend that it was intending to gatecrash GVC Holdings PLC's reverse takeover offer for FTSE 250-listed online gaming company Bwin.Party Digital Entertainment PLC, saying it has submitted a cash and shares takeover bid for the company.
888 said it thinks there is "significant industrial logic" in combining its business with that of Bwin and has submitted a proposal to acquire the entire issued and to be issued share capital of the company for an undisclosed amount in cash and 888 shares.
Owing to the size of the deal, it would require the approval of 888 shareholders, the London Main Market-listed company said, adding it has already secured the support of 59% of its investors.
It added there remains no certainty of any deal being completed.
Bwin.Party confirmed it has received the proposal tabled by 888 and said its board and advisers are conducting a detailed review of the proposals it has so far received.
The offer comes after The Sunday Times reported that 888 was planning to enter the bidding for Bwin.Party, a frequent subject of takeover speculation which last week said it had entered talks with a number of potential bidders, including smaller, AIM-listed rival GVC Holdings, which later confirmed it was holding talks over a potential reverse takeover of the business.
By Sam Unsted; [email protected]; @SamUAtAlliance
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