Bwin.party tells GVC it will switch recommendation to 888 bid; considering post-deal disposals - report
Bwin.party digital entertainment is thought to have informed rival online gambling group 888 Holdings that it will recommend an offer from GVC Holdings, The Independent reported. The report said Bwin informed 888 on Saturday, 30 August that it is prepared to switch its recommendation from 888’s GBP 870m (EUR 1.19bn) takeover offer to GVC’s GBP 1bn bid, but did not cite a source for the information.
Bwin's board is likely to formally recommend GVC's improved offer today, 1 September, according to the report.
A takeover of Bwin by Isle of Man-based rival GVC could lead to disposals, the article said. The newspaper went on to cite a senior source who said the group plans to manage Gibraltar-based Bwin in its current form, but added that it would sell certain assets if doing so would be to the benefit of shareholders. The item did not specify which company the source was linked to.
Bwin.party digital entertainment’s market capitalisation stood at GBP 959m at the close of trading on Friday, 28 August.
The report appeared on page 51 of the print edition of The Independent on Tuesday, 1 September.
Source Independent