GVC Holdings is considering its options regarding its takeover bid for bwin.party Entertainment, after the FTSE listed operator announced last Friday that it had agreed a deal with acquisition competitor 888 Holdings.
In a statement GVC governance commented that there was no certainty that it would make a fresh bid for bwin.party.
GVC who had created a special purpose vehicle with Canadian igaming group Amaya Inc, outbid the offer made by 888 at 110p per share, valuing the operator at £908 million. However bwin.party accepted the lower 888 offer of 104p per share valuing its operations at £898 million.
It is believed that the bwin.party board prefer the lower offer made by 888, as the operators share similar synergies.
In a statement bwin.party directors commented “directors have concluded, after further work with GVC and its advisers and after careful consideration, that 888’s offer provides a higher degree of certainty for Bwin.Party shareholders and that GVC’s modest incremental premium to 888’s offer is not sufficient for the Bwin.Party board to recommend GVC’s proposal over 888’s offer.”