Online wagering business Bwin accepts GVC takeover bid

4 September 2015

Online wagering business Bwin has actually accepted a ₤ 1.1 bn takeover offer from in preference to rival bidder, 888 Holdings.

Bwin had initially concurred to a deal from 888, worth about ₤ 900m, but GVC, the yohaig code owner of Sportingbet, resisted.

Bwin - whose brand names consist of Partypoker, Partycasino and Foxy Bingo - said GVC's deal was "fair and affordable".
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Bwin chairman Philip Yea stated in a business video that investors were divided about abandoning the yohaig code 888 bet9ja's welcome offer.
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"There was a quite even split of those that revealed views one method or the other. But we also had a significant block of shares that enjoyed to support the board on its deliberations,"

GVC's deal, external of 25p in money and 0.231 brand-new GVC shares pertains to nearly 130p per Bwin.party share based on Thursday's closing price.

Reducing costs
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Bwin said the GVC offer provided ₤ 120m extra worth compared to the 888 bid.
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The company said they were likewise swayed by greater expected savings and GVC's track record of incorporating acquisitions, such as that of Sportingbet in 2013.

Earlier today it was reported that GVC was prepared to release a hostile quote for Bwin.

the yohaig code 888 board confirmed it had actually withdrawn from the bidding process stating it can not see adequate value in Bwin to increase its deal.
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Stricter policies are pushing online betting companies to combine to try and minimize running costs.

Size is also viewed as essential to guarantee competitiveness in an online market buoyed by the usage of tablets and mobiles.
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Shares in Bwin, rose in early trading in response to the news, but have given that fallen.

GVC shares closed down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.

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