GVC have upped the ante in their bid to take over gaming firm Bwin.Party with a £900 million offer in cash and stock. In May it was revealed that GVC had teamed up with Amaya Gaming in bid to purchase Bwin.
Details of the offer were revealed by the Financial Times and it is suggested that the deal would be worth 110p per share. Bwin are believed to be considering the offer, but are fully aware there are other suitors interested in taking them over. The main interest is coming from 888 Holdings, who have have also made an offer for Bwin in the last few weeks.
Bwin’s hare price rose on the news 0.4% to 100.6p, which gave the company a value of £823 million.
A spokesperson for GVC commented on the offer, saying: “As announced on 15 May 2015, GVC has submitted a proposal with a view to the Group acquiring the entire issued and to be issued share capital of Bwin.Party.”
“This proposal would be jointly financed by GVC and Amaya, Inc and involves new debt facilities and the issue of new shares.”
“Talks with Bwin.Party are continuing, although there can be no certainty that such talks will result in an offer being made. GVC will provide a further update for shareholders as and when appropriate.”