Thursday August 20,2015 : G.V.C. UPS ITS BID FOR BWIN.PARTY…AGAIN.
In partnership with US private equity group Cerberus Capital, GVC says it will go up to 130p a share.
The bidding war between 888 and GVC for Bwin.Party warmed up again this week with the news that the GVC-Cerberus Capital partnership has upped the ante to 130p a share – a shares and cash offer worth around GBP1.1 billion and a significantly marked improvement on its earlier proposals of GBP 1.03 billion and GBP 1 billion – that's right; it's the company's third hike from its original bid, made in association with Amaya Gaming.
UK media reports indicate that Bwin.Party's board will consider the new bid at a meeting scheduled for this (Thursday) morning. However, there could be opposition from Bwin.Party shareholder Jason Ader, who has been doing the media rounds insisting that a fair price would be 140p a share.
888 Holdings is still in the running, although falling behind with its bid of GBP898 million, but it will reportedly be given an opportunity to re-bid, and claims that its plans for Bwin.Party are more attractive than those of GVC.