bwin.party Directors Recommend GVC Purchase Bid

Published Friday, September 04, 2015 - Online-Casinos.com
bwin.party Directors Recommend GVC Purchase Bid

Finally the word has come down that there will be a new mega online gambling operation available soon. GVC  Holdings will hopefully be handed the reins of bwin.party Digital Entertainment after a decidedly long battle for the privilege against rival bidder 888 Holdings. The directors at the acquired target bwin.party stated they would recommend unanimously that the transaction be approved by the stakeholders. The last bid by GVC Holdings for the bwin.party assets was $1.71 billion besting the last 888 offer.

888 Holdings has withdrawn its attempt with a statement to the press, “The 888 board has concluded that, as a result of its own extensive due diligence on , it cannot see sufficient value in bwin.party to warrant a revision to its offer,” 888 Holdings continued,  “Consequently, 888 confirms that it is no longer in discussions regarding the acquisition of bwin.party.”

Philip Yea, bwin.party’s chairman also commented in a press statement, “In recommending the offer from GVC, the board has taken into account many factors including, but not limited to, the headline value per share and the consideration being offered, the level, timing and deliverability of the financial synergies to be generated and the enlarged group’s growth strategy in an increasingly competitive marketplace,”

This particular acquisition has made news around the world because the online gambling industry has become really big business and is an acceptable stock option.

bwin.party Digital Entertainment based in Gibraltar, posted revenue of 611.9 million euro, or about $684.5 million at current rates, in 2014 it employed in excess of 2,300, in Europe, India and the United States. Bwin.party’s proprietary technology is the big prize for GVC which it plans to utilize to expand into mobile gambling and the emerging markets in Asia and Africa. GVC based in the Isle of Man will also link its sports betting operation with bwin.party’s well earned reputation and connections in international sports.

 

 

 

 

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