888 Bid to Acquire bwin.party Online Gambling Stands Firm

Published Monday, August 24, 2015 - Online-Casinos.com
888 Bid to Acquire bwin.party Online Gambling Stands Firm

The deal to acquire online gambling operator bwin.party Digital Entertainment has been in the news for some time now without an resolution as yet. The acquisition of the firm which was formed in March 2011 has been getting more complex as bidders up the ante and wait for a response from the bwin.party board of directors. The company has been profitable and declared it made over 94 million euro in 2014 making it a desirable target for acquisition.

888 holdings put together a bid of cash and stock deal worth approximately £898.3 million. Then not long after GVC Holdings put up a proposal worth approximately £900 million. That bid was increased once again recently and GVC has said it still is willing to go higher if need be to secure the assets of bwin.party digital entertainment. GVC Holdings has also commented that it has made “significant progress” with its ongoing effort to acquire bwin.party.  

The deal that 888 has made with bwin.party stands even though the price for the company is lower than the offer from GVC Holdings. GVC said in a statement to the press, Significant progress has been made and the GVC Board expects to be in a position to resubmit its proposal to the bwin.party board in the near future and on the same terms as set out in the August 7 announcement, having resolved the remaining open issues to both parties' satisfaction,” “The company will update shareholders accordingly.” bwin.party said talks are ongoing with GVC, but its recommendation of the 888 offer remains unchanged.” bwin.party added, “The board of bwin.party notes the earlier announcement today (Monday) made by GVC and confirms that bwin.party is continuing to discuss with GVC and its advisers certain aspects of the GVC proposal.

“As previously announced, there can be no certainty that an offer will be made by GVC for bwin.party and bwin.party's directors' unanimous recommendation of 888 Holdings’ offer that was announced on July 17, is unchanged by this announcement.

 

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