The Times – GVC set to increase takeover bid for bwin.party

bwinpartyUK newspaper The Times has reported that London AIM listed operator GVC Holdings is considering an increase to 130p per share for its takeover bid of bwin.party Entertainment.

The reported bid increase, would represent GVC’s third attempt at luring bwin.party away from bid leader 888 Holdings, who have offered a takeover deal valued at £908 million.

On 7 August, reacting to bwin.party stakeholder and governance comments GVC upped its bid to 125.5p per share, the reported increase to 130p by The Times would see GVC value bwin.party at over £1.1 billion.

Since May GVC and 888 Holdings have been competing to takeover bwin.party operations. In its latest update bwin.party governance stated that it preferred the deal proposed by 888 Holdings as the company had better synergies with its operations.

GVC’s takeover bid is being assisted by private equity firm Cerberus Capital Management.

On Monday 888 financial advisers Barclays and JP Morgan issued a statement outlining that the syndication of the$650 takeover loan had been placed on hold as both parties awaited for further news on the bid front from bwin.party governance with regards to its final decision.

The Times reports that the GVC board will meet today to discuss its latest takeover bid. The newspaper further details that 888 governance have been granted a period of grace in which to enhance their bid offer to bwin.party investors.

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