bwin.party wants GVC Holdings’ best offer

Following a review of key aspects of the proposed GVC Holdings’ £1 billion takeover bid, bwin.party Entertainment governance is reported to have asked the operator to table its best possible offer.

UK business sources have stated that bwin.party governance were satisfied with key conditions attached to GVC proposal. The review of GVC’s takeover bid has been examined with the potential of presenting the bid offer to investors and the board on 1 September.

“Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to make a formal offer to acquire all of the issued and to be issued shares in bwin.party,” a Bwin statement said.

With much speculation surrounding its takeover bid for bwin.party assets, GVC this week announced that it had made significant progress in its negotiations. GVC had said on Monday that it expected to resubmit a proposal to the Bwin board in the near future and on the same terms made on Aug. 7.

Noting its vantage point in ongoing negotiations, London analysts and business commentators have stated that it is likely that bwin.party governance will hold out for bid increases from both 888 and GVC in the coming weeks. It is further noted that the operator will look to drag on bid negotiations which have been ongoing since this February, as governance looks to secure the best deal for shareholders.