bwin.party Entertainment governance has accepted GVC’s £1.1 billion takeover offer, in preference of bid competitor 888 Holdings £908 offer.
Following a review by bwin.party on the conditions of GVC’s cash and shares offer valued at 125.5p per share, bwin.party governance will now push to clear GVC bid as the best offer for its shareholders.
Bwin.party Chairman Philip Yea said in a company video that shareholders were split about abandoning the 888 offer.
“There was a pretty even split of those that expressed views one way or the other. But we also had a significant block of shares that was happy to support the board on its deliberations,”
Apart from the additional £120 million in deal value, bwin.party governance stated that it had been swayed to promote GVC’s bid by the AIM listed operators successful track record in industry acquisitions and mergers.
Business commentators believe that the takeover race for bwin.party operations is still alive, as an improved bid by 888 Holdings is expected in the coming weeks. London City analysts have pointed that bwin.party governance at present has a strong vantage point with two serious competitors bidding during a period of extreme consolidation for the online gambling sector.