online-betting-company-bwin-accepts-gvc-takeover-bid

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Online betting company Bwin accepts GVC takeover quote

4 September 2015
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Online wagering business Bwin has accepted a ₤ 1.1 bn takeover bet9ja's welcome offer from GVC Holdings in preference to competing bidder, 888 Holdings.

Bwin had actually originally accepted a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, battled back.

Bwin - whose brands consist of Partypoker, Partycasino and Foxy Bingo - stated GVC's deal was "reasonable and reasonable".
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Bwin chairman Philip Yea said in a company video that shareholders were divided about abandoning the 888 deal.

"There was a pretty even split of those that expressed views one way or the other. But we also had a significant block of shares that mored than happy to support the board on its considerations,"
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GVC's deal, external of 25p in money and 0.231 brand-new GVC shares comes to almost 130p per Bwin.party share based on Thursday's closing rate.

Reducing costs

Bwin stated the GVC offer provided ₤ 120m extra value compared with the 888 bid.
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The business said they were likewise swayed by greater anticipated savings and GVC's performance history of acquisitions, such as that of Sportingbet in 2013.
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Earlier today it was reported that GVC was prepared to introduce a hostile bid for Bwin.

The 888 board confirmed it had actually withdrawn from the bidding procedure saying it can not see sufficient value in Bwin to increase its bet9ja's welcome offer.

Stricter policies are pushing online gaming companies to merge to try and minimize running costs.

Size is also seen as crucial to guarantee competitiveness in an online market buoyed by the yohaig code use of tablets and mobiles.
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Shares in Bwin, increased in early trading in reaction to the news, however have since fallen.

GVC shares closed down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.

GVC declines to give up on Bwin quote
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7 August 2015

GVC ups stakes in Bwin bidding war

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888 in takeover approach for Bwin
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Bwin.party

GVC Holdings

888 Holdings
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