bwin.party satisfied by ‘key aspects’ of GVC proposal

27 August 2015

Bwin.party has revealed that following talks with GVC Holdings over a proposed takeover bid, the online gaming operator said it is satisfied with “key aspects” of the latest offer.

As reported by iGaming Business, GVC has put forward a number of bids to take ownership of bwin.party, with the latest offer of 122.5-pence-pershare earlier this month valuing the operator at approximately £1.1 billion (€1.5 billion/$1.7 billion).

GVC on Monday said it had made “significant progress” with its ongoing effort to acquire bwin.party, stating it expects to make a formal offer in the near future.

Although bwin.party responded to the comments by stating its recommendation of an earlier offer of approximately £898.3 million from rival operator 888 was unchanged, the firm has spoken positively about its latest discussion with GVC and said that it will give a further update on September 1.

In a statement, bwin.party said “key aspects” of the GVC bid have been addressed to its satisfaction and has requested that the company clarify the best terms on which it is prepared to make a formal offer.

“The board of bwin.party confirms, further to its discussions with GVC Holdings, that key aspects of GVC's proposal have now been addressed to bwin.party's satisfaction,” said the statement.

“Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to make a formal offer to acquire all of the issued and to be issued shares in bwin.party.

“Whilst there can be no certainty that an offer will be made by GVC for bwin.party, 888 has been informed of this development and, if appropriate, will be given due notice in the event that bwin.party proposes to recommend an offer from GVC.”

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