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

Online betting business Bwin accepts GVC takeover quote

4 September 2015

Online betting Bwin has accepted a ₤ 1.1 bn takeover deal from GVC Holdings in preference to rival bidder, 888 Holdings.
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Bwin had actually initially consented to a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, battled back.

Bwin - whose brands consist of Partypoker, Partycasino and Foxy Bingo - stated GVC's deal was "fair and affordable".
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Bwin chairman Philip Yea stated in a company video that investors were divided about abandoning the 888 deal.

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

GVC's deal, external of 25p in cash and 0.231 new GVC shares concerns nearly 130p per Bwin.party share based upon Thursday's closing cost.
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Reducing expenses
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Bwin stated the GVC deal provided ₤ 120m extra worth compared with the 888 bid.
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The company stated they were likewise swayed by greater anticipated savings and GVC's track record of incorporating acquisitions, such as that of Sportingbet in 2013.

Earlier this promotion code week it was reported that GVC was prepared to release a hostile quote for Bwin.

The 888 board validated it had withdrawn from the bidding procedure saying it can not see sufficient worth in Bwin to increase its bet9ja's welcome offer.

Stricter guidelines are pressing online gambling business to merge to try and decrease running expenses.
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Size is also viewed as crucial to make sure competitiveness in an online market buoyed by the use of tablets and mobiles.
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Shares in Bwin, increased in early trading in action to the yohaig code news, however have given that fallen.

GVC shares closed down by almost 4%. Meanwhile 888 shares closed up by 0.31%.
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GVC declines to bet9ja's welcome offer up on Bwin bid

7 August 2015

GVC ups stakes in Bwin bidding war

27 July 2015

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GVC Holdings

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