online-betting-company-bwin-accepts-gvc-takeover-bid

Online wagering business Bwin accepts GVC takeover bid

4 September 2015
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Online wagering business Bwin has accepted a ₤ 1.1 bn takeover deal from GVC Holdings in choice to competing bidder, 888 Holdings.
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Bwin had originally accepted a deal from 888, worth about ₤ 900m, however GVC, the owner of Sportingbet, battled back.

Bwin - whose brand names include Partypoker, Partycasino and Foxy Bingo - stated GVC's bet9ja's welcome offer was "fair and affordable".

Bwin chairman Philip Yea said in a business video that investors were divided about deserting the 888 bet9ja's welcome offer.

"There was a quite even split of those that expressed views one way or the other. But we likewise had a substantial block of shares that mored than happy to support the board on its considerations,"

GVC's bet9ja's welcome offer, external of 25p in money and 0.231 brand-new GVC shares pertains to almost 130p per Bwin.party share based upon Thursday's closing price.

Reducing costs

Bwin said the GVC deal provided ₤ 120m extra value compared with the 888 bid.

the yohaig code company stated they were also swayed by greater anticipated savings and GVC's track record of integrating acquisitions, such as that of Sportingbet in 2013.

Earlier today it was reported that GVC was to launch a hostile bid for Bwin.

The 888 board validated it had actually withdrawn from the bidding procedure saying it can not see enough worth in Bwin to increase its deal.

Stricter guidelines are pressing online betting companies to merge to attempt and minimize running expenses.

Size is also viewed as essential to make sure competitiveness in an online market buoyed by the use of tablets and mobiles.
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Shares in Bwin, rose in early trading in response to the news, but have given that fallen.

GVC shares closed down by almost 4%. Meanwhile 888 shares closed up by 0.31%.

GVC declines to quit on Bwin bid

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GVC ups stakes in Bwin bidding war

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GVC Holdings

888 Holdings
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