Partypoker parent company bwin.party is still trying to decide who will acquire the company, despite initially accepting a deal by 888 Holdings. Both 888 Holdings and GVC Holdings placed a bid for bwin.party, with 888 being chosen due to a less complicated proposal. GVC was working with Amaya Gaming on the first proposal and then sent in a second bid after 888 was chosen. The fight is back and forth and now we have learned that 888 has sent yet another proposal for the acquisition of bwin.party.
Bwin.party has confirmed that another proposal was sent by 888 Holdings, but the details of the proposal have not been released. In an announcement, bwin.party stated that further to the announced on August 27th of a new proposal by GVC Holdings, the Board of bwin.party now confirms that a revised proposal by 888 Holdings has also been received. The new proposal by 888 is subject to several pre-conditions which can be waived in whole or part by 888.
The bwin.party board is currently evaluating the proposal together with the proposal received by GVC. The board plans on consulting with the key shareholders over the next few days to make a final decision as to which proposal will be the best option for shareholders. In time, an additional announcement in the matter will be issued.
The offer by 888, which was originally approved on July 17th remains unchanged by the announcement of the new deals. Shareholders were given documentation of the original offer on August 28th. 888’s board also noted the announcement made by bwin.party and they continue to believe that the combination of bwin.party and 888 would create a significant value for shareholders of both companies.
Basically since July, we have seen proposals by GVC and 888 in the hopes of acquiring bwin.party. The deals continue to offer more to bwin.party, who continues to review the proposals before making a final decision.
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