Bwin.party has confirmed it has received a revised takeover proposal from rival online gaming operator 888.
Confirmation of the new offer comes just days after iGaming Business reported that bwin.party said it was satisfied with “key aspects” of the latest bid lodged by rival bidder GVC Holdings.
Submitted at the start of August, the GVC offer of 122.5-pence-per-share values the operator at approximately £1.1 billion (€1.5 billion/$1.7 billion).
Despite having responded positively to this bid, and GVC stating that it had made “significant progress” with its ongoing effort to acquire bwin.party, the operator has stood by its recommendation of an earlier offer from 888, despite it being much lower than the GVC bid.
888 lodged an offer of approximately £898.4 million for rival firm bwin.party in July.
However, despite bwin.party having stayed loyal to its recommendation the firm has revealed that, in the wake of the new GVC offer, it has now received a revised proposal from 888.
Bwin.party did not confirm whether the new proposal was higher or lower than the original bid, but did state that it will discuss the new proposal with its key shareholders over the coming days before making a decision over the best offer.
The online operator also stated its recommendation of the original 888 proposal still stands.
“Further to its announcement on August 27 regarding a proposal from GVC, the board of bwin.party confirms it has also now received a revised proposal from 888,” bwin.party said in a statement.
“This revised proposal is subject to a number of pre-conditions, which can be waived in whole or in part by 888.
“The board of bwin.party is evaluating this proposal, together with that received from GVC, and intends to consult with its key shareholders in the coming days before making a final determination as to which proposal is in the best interests of shareholders.
“The board’s unanimous recommendation of 888’s offer, which was announced on July 17, remains unchanged by this announcement.”
source : www.igamingbusiness.com
