GVC Holdings has said that it has made “significant progress” with its ongoing effort to acquire bwin.party, with the company expecting to submit an official proposal to the online gaming operator in the near future.
As reported by iGaming Business, GVC has put forward a series of bids to acquire bwin.party, with the latest offer of 122.5-pence-per-share, valuing bwin.party at approximately £1.1 billion (€1.5 billion/$1.7 billion) coming earlier this month.
Despite having tabled the highest offer for bwin.party, GVC is still regarded as an outsider in the race to take ownership of the company, with 888 having also put forward a bid to acquire its online gaming rival.
888 has already agreed a deal to acquire bwin.party for approximately £898.3 million, whereas GVC is yet to have an offer accepted.
Despite 888 being the preferred bidder, GVC has said in a statement that since submitting an increased offer this month, it has made “significant progress” on the deal and it expects to resubmit its proposal based on its latest offer in the “near future”.
GVC was also last week said to be considering tabling another increased offer.
“Significant progress has been made and the GVC Board expects to be in a position to resubmit its proposal to the bwin.party board in the near future and on the same terms as set out in the August 7 announcement, having resolved the remaining open issues to both parties’ satisfaction,” GVC said.
“The company will update shareholders accordingly.”
In response, bwin.party said talks are ongoing with GVC, but its recommendation of the 888 offer remains unchanged.
In a statement bwin.party added: “The board of bwin.party notes the earlier announcement today (Monday) made by GVC and confirms that bwin.party is continuing to discuss with GVC and its advisers certain aspects of the GVC proposal.
“As previously announced, there can be no certainty that an offer will be made by GVC for bwin.party and bwin.party’s directors’ unanimous recommendation of 888 Holdings’ offer that was announced on July 17, is unchanged by this announcement.
“The bwin.party board will provide a further update as and when appropriate.”
source : www.igamingbusiness.com
