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.
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.