Stakes Increasing For Bwin.Party: ReportGVC Holdings Willing To Offer More Than $1.55B |
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One of the firms trying to acquire Bwin.Party Digital Entertainment is prepared to again increase its offer.
According to a report from Bloomberg, GVC Holdings said that it is willing to go above $1.55 billion in an effort to beat out 888 Holdings, which is also trying to acquire Bwin, one of the industry’s heaviest hitters.
In July, Bwin accepted a cash and stock deal with 888 Holdings worth $1.4 billion, but that is on hold now. GVC is asking Bwin to reject the lower offer.
GVC is an Isle of Man-based sports betting and gaming company. Its core brands include CasinoClub, Betboo and Sportingbet. 888 is well-known as the back-end technology for Delaware’s online poker sites and the WSOP-branded poker site in Nevada.
“We will do everything in our power to win this auction and deliver the best value for Bwin shareholders, both now and in the future,” GVC said in the statement.
“A combined Bwin and GVC business would be far more valuable in the longer term than that of the alternative. We have greater synergies so we can pay more if necessary.”
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