bwin.party shareholders approve GVC merger scheme

15 December 2015

bwin.party has announced that its shareholders have unanimously voted to approve the online operator’s proposed acquisition by GVC Holdings.

GVC in September struck a deal worth over £1 billion (€1.4 billion/$1.5 billion) to acquire bwin.party, despite earlier interest from 888.

The two companies have been working together to go ahead with the move, with GVC in October stating that the deal should be completed by early 2016.

Ahead of the merger, bwin.party has now announced its shareholders have voted in favour of a scheme of arrangement under Part VIII of the Companies Act 2014.

At the bwin.party Court Meeting, 99.99% of shareholders voted in favour of the scheme, while shareholders at the General Meeting have given their approval to a special resolution to implement the scheme.

bwin.party said in a statement that despite this approval, the offer still remains subject to the satisfaction or waiver of the other conditions set out in the scheme document, such as the sanctioning of the scheme by the court.

The operator expects the scheme court hearing, which will sanction the scheme, to take place on January 29.

Related articles:

GVC expects to complete bwin.party acquisition in early 2016

Bwin.party board accepts GVC takeover bid, withdraws 888 recommendation