Monday August 24,2015 : BWIN AND G.V.C. RELEASE NEW STATEMENTS ON TAKEOVER NEGOTIATIONS
Latest offer values Bwin.Party at 124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p.
Bwin.Party and GVC Holdings have issued complementary statements this morning regarding the progress of their acquisition negotiations, with Bwin confirming a Monday morning statement from GVC advising that the two companies continue to work closely on a deal, and that a new proposal will be offered to the Bwin board soon.
The proposal values Bwin.Party at approximately 124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p.
The full text of the GVC statement is:
"Further to the announcement made by the Company on 7 August 2015, in which the GVC Board confirmed that it had made a fully funded proposal to the Board of bwin.party digital entertainment plc ("bwin.party") for the acquisition of the entire issued and to be issued share capital of bwin.party and which valued each bwin.party share at 25p in cash and 0.231 new GVC ordinary shares, the GVC Board is pleased to confirm that it continues to work closely with bwin.party and its advisers with a view to finalising the open aspects of its Proposal (as defined in the 7 August 2015 announcement).
"Since the 7 August 2015 announcement, significant progress has been made and the GVC Board expects to be in a position to resubmit its Proposal to the bwin.party Board in the near future and on the same terms as set out in the 7 August 2015 announcement, having resolved the remaining open issues to both parties' satisfaction. The Company will update shareholders accordingly.
"The Proposal values bwin.party at approximately 124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p."