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888 withdraws from Party/Bwin bidding war

Friday September 4,2015 :  NOT WORTH A REVISED BID, SAYS 888 ON BWIN-G.V.C. DEAL
 
888 withdraws from bidding war.
 
888 Holdings has issued a statement in response to the news Friday that Bwin-Party directors have recommended the acquisition bid of rival GVC Holdings.
 
The statement notes that the Bwin-Party board has withdrawn its support for the 888 Holdings bid, and accordingly the cooperation agreement between 888 and Bwin dated 17 July has been terminated.
 
"The 888 board has concluded that, as a result of its own extensive due diligence on bwin.party, it cannot see sufficient value in bwin.party to warrant a revision to its offer. Consequently, 888 confirms that it is no longer in discussions regarding the acquisition of bwin.party," the statement advises, adding that 888 directors remain focused on growing shareholder value by pursuing strategic growth initiatives.
 
In related news, in an article on GVC's successful bid, The Guardian newspaper reported Friday that GVC’s valuation of bwin at GBP 1.116 billion was 12.9 percent ahead of the final offer.
 
"The successful proposal also targets annual costs savings of Euro 125 million annually compared with a $70 million target for synergies under the 888 offer," the newspaper notes, quoting GVC chief Kenneth Alexander, who appears confident that he can deliver cost cutting through synergies, with some 60 percent of the planned cuts effected next year and focused on IT, admin and marketing..for example in football sponsorships.
 
Alexander said there was some duplication in sportsbook activity, and that GVC will move to the superior bwin platform as a more scalable and well-proved option,  which will be further developed in the future.
 
Bwin-Party chairman Philip Yea, admitted to The Guardian that the agreement with GVC will likely mean job cuts. Bwin employed about 2,300 people at the end of last year in Europe, India and the US. GVC employed about 500 people last year.
 
Yea revealed that the decision to go with GVC was the result of a difficult assessment of both offers which had required the Bwin directors to balance "some very fine judgements at the margin."
 
He confirmed that not all shareholders agreed with the GVC decision, but observed that there was also a number who were prepared to go with the Bwin-Party directors' recommendation.
 
“GVC have been very determined, have worked extraordinarily hard to catch up and to provide a credible plan that was more attractive, Yea revealed.
 
Commenting for the article on behalf of GVC, Alexander  said: “GVC is the natural partner for bwin.party considering our strong sports betting and online gaming pedigree.
 
“Sports betting is in our DNA and leveraging GVC’s experience of successfully acquiring and restructuring online gaming businesses, notably Sportingbet in 2013, we look forward to merging the two operations to deliver long-term value for combined shareholders.”



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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