GVC prepared to abandon Bwin takeover attempt
GVC Holdings [LON:GVC] is considering walking away from its attempt to take over rival listed online gaming group Bwin.party Digital Entertainment [LON:BPTY], The Mail on Sunday reported.
A source at the company was quoted stating that all options are being considered, including abandoning the situation.
People with close links to GVC said the company will make a revised bid for Bwin in the event that rival bidder 888 Holdings [LON:888] increases its own cash-and-stock offer. However, should 888 stick to its current bid and remain recommended by the Bwin board, then GVC may pull out completely, the item reported. The inside source said Bwin has been clever by maintaining the interest of both its prospective buyers so far.
Both 888 and GVC have made cash-and-shares bids which are worth more than GBP 1bn, the report said.
The original article appeared in print; Page 88
Mail on Sunday