online-betting-company-bwin-accepts-gvc-takeover-bid

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Online betting business Bwin accepts GVC takeover quote
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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 choice to rival bidder, 888 Holdings.

Bwin had actually initially accepted an bet9ja's welcome offer from 888, worth about ₤ 900m, however GVC, the yohaig code owner of Sportingbet, resisted.

Bwin - whose brands include Partypoker, Partycasino and Foxy Bingo - said GVC's deal was "fair and affordable".

Bwin chairman Philip Yea said in a business video that shareholders were divided about deserting the 888 bet9ja's welcome offer.

"There was a quite even split of those that revealed views one method or the other. But we also had a considerable block of shares that mored than happy to support the board on its considerations,"

GVC's bet9ja's welcome offer, external of 25p in cash and 0.231 new GVC shares pertains to almost 130p per Bwin.party share based upon Thursday's closing rate.

Reducing costs

Bwin said the yohaig code GVC offer provided ₤ 120m additional value compared to the yohaig code 888 quote.

The business stated they were likewise swayed by higher anticipated cost savings and GVC's track record of integrating acquisitions, such as that of Sportingbet in 2013.

Earlier today it was reported that GVC was prepared to introduce a hostile bid for Bwin.

the yohaig code 888 board confirmed it had withdrawn from the yohaig code bidding procedure stating it can not see enough worth in Bwin to increase its deal.

Stricter guidelines are pressing online gaming business to merge to try and minimize operating costs.

Size is likewise viewed as essential to make sure competitiveness in an online market buoyed by the usage of tablets and mobiles.

Shares in Bwin, increased in early trading in action to the news, however have since fallen.
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GVC shares closed down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.

GVC declines to provide up on Bwin quote

7 August 2015

GVC ups stakes in Bwin bidding war

27 July 2015

888 in takeover for Bwin

18 May 2015
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GVC Holdings

888 Holdings
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