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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The statement notes that the Bwin-Party board has withdrawn its support for the 888 Holdings bid, and accordingly the cooperation agreement between 888 and Bwin dated 17 July has been terminated.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, it cannot see sufficient value in to warrant a revision to its offer. Consequently, 888 confirms that it is no longer in discussions regarding the acquisition of," 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 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.”

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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