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.

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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.

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888 Holdings bring fixed Poker returns and high growth

Although 888 Holdings have not gained great success in the field of poker, they have maintained a steady position in the industry and have come up to the second largest position in the poker world (although its name comes after Amaya with a huge margin difference).

From the annual financial results of the company that released on Tuesday, it was revealed that the revenues of 888 are generally flat, because the revenues of 2014 that was $93.7 million and revenues of 2013 that was $93.6 million are compared then we do not find much of a difference in them.

It is very difficult to stand in the same position while passing through tough times of online poker. It is good for the company’s reputation. This is the reason why it became the most important player in Europe and also in the rising online poker markets of the United States.

Brian Mattingley, the CEO of 888 Holdings said that, the main product of their casino has given excellent performance in this field which reflects the position and tradition of the company in this sector. At the same time in the Poker Scout global rankings, 888 Poker has permanently fixed its position at number two at the year end. The terrific revenue growth of 115 percent from 888 Sport was the best part of 2014 and in the future, the company will experience more electrifying growth opportunities from this field.

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888 comes forward and holds the second largest position in online poker sites

Poker Star is the one and only undoubted leader of online poker traffic. In accordance with the recent figures of Poker Star, Poker Scout has earned 18,000 real money cash on an average from the game players within a particular time over the past week and they have the highest number of players that measure up to around 30,000.

888 Poker has held back its position in the second place, rising ahead of the existing second place holders such as Full Tilt, iPoker Network, Bodog and the PartyPoker.

PokerScout shows the recent seven day cash game traffic of 888 pokers at an average of 2,500 players. This average is far ahead from both the iPoker and Bodog, whose average is somewhere around 1,800.

It does not consider some of the distinguished market of 888, such as the site that is operated from Spain or the combined business with Caesars of the United States. The USA operated business will be improved within a short span of time, as the 888 has powered new sites in Delaware and Nevada which will soon begin to share traffic.

Tremendous growth in revenues exhibited in the record breaking year

The revenues of 888 have grown in 2014 up to 14 percent that is $454.7 million. Revenue for sports betting and bingo has also increased but the revenues for casino has increased to its highest limit by 16 percent. Their Business to Business operations have also grown substantially, and the revenue earned in the year was 32 percent.

Mattingley told that 2014 has been yet another record breaking year for 888 as they have again exhibited tremendous trends of profitability and increase in the revenues.

On Tuesday, the stock prices increased due to the tremendous performance of 2014. Dividend of seven cents per share was also announced for all the investors. Mattingley also claimed that 888 might go for acquisitions in order to consolidate their steady growth in the coming days. This claim was quite surprising for the public because last month 888 was almost on the verge of being taken over by William Hill.

Mattingley confirmed on Reuters that they are in continuous hunt for new opportunities

Mattingley also admitted about the challenges that they may face in 2015 but he has shown confidence to tackle them with ease.

Mattingley sounded optimistic about their opportunities in the context of present regulatory changes. He was confident while he expressed his hopes about 888’s chances of recovering against the adverse situations like Point of consumption Tax in UK and value added tax in some specific jurisdictions. He was also confident about 888’s possibilities of overcoming the challenges in the foreign exchange movement due to the power of dollar.