888 stands by its bwin.party takeover bid

Following yesterday’s announcement that the governance of bwin.party Entertainment were reviewing the conditions of GVC’s 122.5p per share takeover bid (value -£1.1 billion). 888 Holdings has stated that it remains confident in its offer of £908 million trumping GVC’s increased bids.

888 governance had noted that it was aware of the review undertaken by bwin.party, however the board continues to believe that its bid holds “significantly greater intrinsic value” for the target party.

888 would issue the following statement regarding its bid;

“888 statement read: “The board continues to believe that the combination of the 888 and bwin.party businesses announced on July 17 under the 888 management team would generate significant value for both sets of shareholders.

“The board continues to believe that its offer is of significantly greater intrinsic value than the proposal outlined by GVC Holdings on August 24.The board further notes that it remains the unanimously recommended bidder and continues to work towards the completion of the proposed transaction.”

UK business reports yesterday stated that bwin.party governance were satisfied with key aspects attached to GVC proposal. The review of GVC’s takeover bid has been examined with the potential of presenting the bid offer to investors and the board on 1 September.