SBC News Voice of the Sports Betting Industry
bwin.party Entertainment governance have confirmed the GVC Holdings reverse takeover offer of £908 million ($1.4 billion) for its entire business operations. The operator’s governance is set to work with GVC in order to formalise the deal which it will present to its shareholders in order to proceed with its acquisition.
The deal is set to compromise of a cash sum valued at 110 pence per share combined with a new stock issuance in the merged operator. .GVC has funded the deal by creating a special investment vehicle with Amaya Inc. If approved GVC will operate the newly merged company, but will give Amaya first right of purchase of the business following a two year period.
The confirmed bid sees GVC become favourites to land the acquisition of bwin.party, against bid competitor 888 Holdings.
bwin.party released the following statement regarding the offer
“The board has considered the GVC proposal, the potential benefits of which it believes can accrue to bwin.party shareholders from a combination of the two companies and the commitment shown to resolving a number of transaction-related issues, and has determined to work with GVC so that they can finalise their offer over the coming days,” bwin.party said.
“There can be no guarantee that a formal announcement of a transaction will be made by GVC or any other party and the board will make further announcements in due course.”
