In its battle to win the takeover of bwin.party Entertainment from GVC Holdings, 888 is preparing to up its cash and shares offer for the operator in response to last week’s announcement that bwin.party governance would review the conditions of GVC’s bid.
The increased bid by 888 Holdings has been made, despite bwin.party governance recommending its £908 million offer to investors this July. Bid rival GVC’s latest offer stands at 125.5p per share valuing bwin.party assets at over £1 billion.
Last week UK business news sources reported that bwin.party had asked GVC Holdings to table its best possible offer, in order to present the takeover bid to investors and its board.
Advised by investment firm Deutsche Bank, bwin.party currently holds a strong vantage point in takeover negotiations, as both bid rivals are likely to improve their offers for the operator in the coming weeks.
888 governance has not disclosed any terms regarding its revised bid for bwin.party assets, whilst GVC governance has stated that it will only bid once its rival ups its takeover offer.