Online betting business Bwin accepts GVC takeover bid
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4 September 2015
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Online wagering company Bwin has accepted a ₤ 1.1 bn takeover deal from GVC Holdings in preference to competing bidder, 888 Holdings.

Bwin had originally consented to a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, combated back.
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Bwin - whose brands include Partypoker, Partycasino and Foxy Bingo - said GVC’s bet9ja’s welcome offer was “fair and sensible”.

Bwin chairman Philip Yea stated in a company video that shareholders were divided about abandoning the 888 deal.

“There was a pretty even divided of those that revealed views one method or the other. But we also had a considerable block of shares that was happy to support the board on its deliberations,”

GVC’s offer, external of 25p in cash and 0.231 new GVC shares concerns almost 130p per Bwin.party share based on Thursday’s closing cost.

Reducing expenses

Bwin stated the GVC offer supplied ₤ 120m extra value compared with the 888 quote.

The company stated they were likewise swayed by greater expected savings and GVC’s track record of integrating acquisitions, such as that of Sportingbet in 2013.

Earlier this promotion code week it was reported that GVC was prepared to launch a hostile bid for Bwin.

The 888 board confirmed it had actually withdrawn from the saying it can not see enough worth in Bwin to increase its bet9ja’s welcome offer.
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Stricter regulations are pushing online betting companies to merge to try and lower running expenses.
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Size is also seen as essential to make sure competitiveness in an online market buoyed by the yohaig code use of tablets and mobiles.
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Shares in Bwin, rose in early trading in action to the yohaig code news, but have given that fallen.
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GVC shares closed down by almost 4%. Meanwhile 888 shares closed up by 0.31%.

GVC declines to quit on Bwin quote

7 August 2015

GVC ups stakes in Bwin bidding war

27 July 2015
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888 in takeover approach for Bwin
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18 May 2015

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