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GVC Raises Bid For Party To GBP 1.03 billion

Saturday August 8,2015 : G.V.C. RAISES ITS BID FOR BWIN.PARTY
 
New offer valued at GBP 1.03 billion.
 
The bidding war for ownership of Bwin.Party Digital Entertainment continued Friday with a new offer from GVC Holdings plc as it attempts to beat rival 888 Holdings, the current favoured bid by the Bwin board of directors.
 
In its second raise in the last two weeks, GVC, backed by US private equity firm Cerberus Capital Management upped the ante with a revised bid worth GBP 1.03 billion ($1.6 billion) in cash and stock - slightly higher than its previous offer just short of GBP 1 billion.
 
Bwin's directors have indicated that the 888 offer may be lower but is still more attractive, claiming that GVC's offer is too complex and has fewer attractive growth prospects.
 
Analysts were speculating Friday whether Bwin would use the revised offer to push up 888"s bid.
 
888 has promised cost benefits of at least $70 million per annum by the end of 2018, while GVC has promised benefits of more than $150 million per annum by the end of 2017.
 
GVC's latest offer of 125.5 pence per Bwin share – 25 pence in cash and 0.231 of a new GVC share – is 2.4 percent higher than its July 27 offer. Since then GVC's shares have risen about 1.5 percent.
 
On Friday the directors of Bwin.Party issued a statement confirming that it is working closely with GVC on the revised offer in order to properly evaluate it, but emphasised that there can at present be no certainty that the offer will develop into an agreement.
 
The statement noted: "Bwin.Party’s directors’ unanimous recommendation of 888 Holdings plc’s offer is unchanged by this announcement."



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Box 24 Launches 3 New Slots - This week sees the addition of 3 New Games at Box24 Casino. Check them out they all seem pretty interesting.

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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

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