bwin.party sale could earn Teufelberger €24 million

UK newspaper, The Daily Telegraph has reported that bwin.party CEO Norbert Teufelberger could cash in up to €24 million (£17 million) on the sale of the company to its interested suitors.

The newspaper has reported that Teufelberger holds a reported 13 million shares in bwin.party plc stock, with a further 9.2 million in company share options.

According to the Daily Telegraph’s calculations regarding the + £1 billion acquisition offers put forward by bidding parties, Teufelberger could earn up to + €20 million should a successful sale proceed.

Teufelberger had been CEO of Bwin Interactive AG (appointed 2001), prior to its 2011 merger with PartyGaming Plc. Following the merger Teufelberger would be appointed as CEO of the new company which aimed to be the global leader in online gambling.

However the operator has hit troubled times since its 2011 merger, in its latest performance report bwin.party reported that product declines had impacted corporate revenues and earnings.

bwin.party’s potential acquisition, has dominated industry headlines in May, after it was publically revealed that 888 Holdings had put forward a + £1 billion reverse takeover offer for the operator.

The acquisition race for operator would further heat up when via a joint agreement Amaya Inc and GVC Holdings would create a special purpose vehicle to acquire bwin.party operations.

At the start of 2015, bwin.party governance had stated that it had begun talks with numerous interested parties regarding a potential sale, the operator has hired financial services fim Deutsche Bank to handle its acquisition and sales interests.