Poker Business: GVC Looks Like The Winner In Bid For Bwin.Party, Report SaysAccording To Report, Bwin Board Has Approved GVC Deal |
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A high-stakes battle for online gambling company Bwin.Party has moved one step closer to ending, as the firm reportedly has approved an offer from rival online gambling firm GVC Holdings, according to a Tuesday report from The Independent.
Bwin originally had accepted an offer worth $1.4 billion from 888 Holdings, but GVC sweatened its offer and came back with a figure of $1.55 billion. That put the 888 deal on hold while the financials were reviewed.
“We will do everything in our power to win this auction," GVC said last month.
Bwin’s board reportedly has signed off on the GVC offer. Both offers contain cash and shares.
According to Reuters, GVC reiterated this week that it will do whatever it takes to complete the deal and is preparing for a situation in which Bwin will go with 888’s deal—again. 888 reportedly has revised its takeover bid as well, as no official announcement has been made by Bwin yet.
GVC and Amaya Gaming Group, the owner of online poker giant PokerStars, had been attempting to jointly takeover Bwin, but once the lower offer from 888 was accepted, GVC decided to try to acquire Bwin on its own, without the help of Amaya.
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.
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