Bwin board now prefers GVC’s buyout offer over 888’s: the Telegraph
LONDON – Bwin.party Digital Entertainment’s (BPTY.L) board, which had been backing a buyout offer from 888 Holdings (888.L), has switched preference to now favour a rival bid from GVC Holdings (GVC.L), the Telegraph reported.
The chairman of GVC, Lee Feldman, said on Tuesday that GVC could go hostile if Bwin, an online gambling company, continued to recommend 888 Holdings’ offer, the Times newspaper reported.
In July Bwin had accepted a 900 million-pound cash and share offer from 888, preferring it to a higher but more complex offer from GVC.
Bwin, which has been up for sale since November, received a revised offer from 888 on Monday, but did not provide details of the proposal.
According to the Telegraph, Bwin’s board met late on Thursday to discuss the buyout offers from both bidders.
The company, like its smaller rivals and suitors, 888 and GVC, offers casino, poker, bingo and sports betting.
GVC, Bwin.party and 888 could not be reached outside regular UK business hours for comment. -Reuters