Over the past few weeks, the gambling industry have had all eyes on bwin.party and who will be the new owner of the top gaming company. Both GVC Holdings and 888 Holdings were in the running for the acquisition, with 888 earning the approval of the bwin.party board. GVC was partnered with Amaya Gaming and had offered a much higher proposal but 888 was chosen due to the simplicity of their offer.
Last week, we learned that GVC had dropped Amaya Gaming and secured financing elsewhere, offering yet another proposal to hopefully acquire bwin.party. The bwin board stated they would consider the offer, however, 888 still remains confident that they will earn the company with their original offer.
888 offered 104.09 pence per share when accepted by bwin.party and even showed how they are similar to the company, including the proximity of the offices, gaming unit similarity and overlaps in licensing. Each of these features would make the transition easier. GVC and Amaya were not chosen due to the fact that bwin felt as though the company would be split up with GVC running the sports betting side and Amaya running the poker gaming.
After not being chosen, GVC reassessed their plans and offered another proposal, this time with 122.5 pence per share. The value of this new deal totaled over £1 billion. Bwin.party has not accepted the new offer by GVC so 888 is still technically the winner. Brian Mattingley is the CEO of 888 and recently commented in The Times, a UK newspaper, that even though they are outbid by GVC, 888 is still confident that they will receive the company.
Mattingley stated that 888 has rehearsed their strategy more times than they can think of and they know how it will be done. Mattingley is confident that the deal is doable with a low-ish risk. The CEO reiterated that even if the offer by GVC is more lucrative, 888 is still a better fit.
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