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Online Betting Company Bwin Accepts GVC Takeover Bid

Online betting company Bwin accepts GVC takeover quote

4 September 2015

Online betting company Bwin has accepted a ₤ 1.1 bn takeover bet9ja’s welcome offer from GVC Holdings in choice to rival bidder, 888 Holdings.

Bwin had actually initially consented to an bet9ja’s welcome offer from 888, worth about ₤ 900m, but GVC, the yohaig code owner of Sportingbet, combated back.

Bwin – whose brands include Partypoker, Partycasino and Foxy Bingo – bet9ja’s welcome offer was “fair and affordable”.

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

“There was a quite even divided of those that revealed views one method or the other. But we also had a significant block of shares that was delighted to support the board on its considerations,”

GVC’s deal, external of 25p in money and 0.231 new GVC shares comes to almost 130p per Bwin.party share based on Thursday’s closing rate.

Reducing expenses

Bwin said the GVC offer provided ₤ 120m extra value compared with the 888 quote.

The company said they were likewise swayed by higher expected savings and GVC’s performance history of integrating acquisitions, such as that of Sportingbet in 2013.

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

The 888 board confirmed it had withdrawn from the bidding process stating it can not see enough value in Bwin to increase its deal.

Stricter policies are pushing online gaming business to combine to try and reduce operating expenses.

Size is likewise seen as important to ensure competitiveness in an online market buoyed by the use of tablets and mobiles.

Shares in Bwin, rose in early trading in response to the news, however have given that fallen.

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

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27 July 2015

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GVC Holdings

888 Holdings