888 SUBMITS NEW TAKEOVER PROPOSAL TO BWIN

In a recent update, bwin.party confirmed that a revised proposal has been lodged by 888, and is currently being looked over. This comes after expressing satisfaction with key elements of GVC Holding’s opposing bid in answer to 888’s original bid.

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Bwin could not confirm whether 888’s new proposal comes in at a lower or higher bid, only that the matter would be discussed with key shareholders before making a final decision. The revised proposal is said to be subject to a number of pre-conditions that can be waived in whole or in part by 888.

GVC expressed that it has made “significant progress” with its bid, and reconfirmed its recommendation to bwin to consider 888’s original bid versus that of the GVC.

With regards to the revised proposal, the board of bwin.party issued that its unanimous recommendation of 888’s offer announced on 17 July, remains unchanged in light of this event.

Bwin.Party is likely to be acquired by 888 Holdings

As per the reports of this weekend, the popular online gambling service provider 888 Holdings is likely to acquire their rival operator named bwin.party. If sources are to be believed, 888 Holdings has offered a price of 1 billion GBP to acquire bwin.party.

As per the board this acquisition deal will be advantageous for all the parties, stakeholders, etc. of both the companies. Both the companies have presented numerous justified reasons for this deal to take place. This deal shall include the acquisition of both issued share capital as well as the yet to be issued share capital of bwin.party. The considerations offered here by 888 Holdings were cash and 888 shares.

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Speculation around the 888 and Bwin deal

It has also been informed by the representative of 888 Holdings company, that they would require approval from their shareholders because its size is quite smaller compared to the acquisition deal. It has been also said by 888 that according to the customary conditions the shareholders’ votes in favor of the transaction were mandatory, because these shareholders control about 59% of the total share capital of the company.

According to the spokesperson of 888, bwin.party is well in agreement with them in favor of this acquisition.

Officials of 888 Holdings also declared that their consultants and board of directors are reviewing the proposals received till date. They have also made it clear that there is no surety of this deal to take place. They are still skeptical about this deal to get converted into reality.

While announcing the profits of the company, Brian Mattingley, the CEO of 888 Holdings told the analysts that they are expecting their company to celebrate over some successes in terms of acquisition, though, he made it pretty clear that he was announcing the same purely on the basis of assumptions and without having anything in his mind. Mr. Mattingley also said that families of Shaked as well as Ben-Yitzhak foresee the possibilities of amalgamation of 888 shares along with the shares of a rival company. He also termed that to be an optimistic move.

This acquisition deal of 888 Holings would be considered as a reverse takeover because the market capital of bwin.party is 800 million GBP and it is greater than the market capital of 888 Holdings which is 600 million GBP.

On Friday, 15th May 2015, Bwin has admitted that they were put up for sale in the month of November 2014 and till date they have received quite a few proposals from reputed companies and one of them have been the GVC Holdings. The name of Amaya Gaming, the owner of Full Tilt Poker and Pokerstars has also been associated with an acquisition deal. Likewise, the name of famous software developer Playtech was also linked with a bid.