Bwin.Party Switches its Recommendation from 888 to GVC

As of Friday morning, both GVC Holdings and Bwin.Party announced that they’ve reached an agreement on the terms of a recommended offer that will see GVC will acquire the entire issued and to be issued ordinary share capital of Bwin.Party.

Based on GVC’s offer, Bwin.Party shareholders will receive 25 pence in cash per for each of the company’s shares and 0.231 in GVC shares.

The final deal is based on the value of Bwin.Party stock value at the close of business on September 3, 2015 and equates to approximately GBP 1.116 billion.

Regarding the deal, Bwin.Party chairman Philip Yea said: “In recommending the offer from GVC, the Board has taken into account many factors including, but not limited to, the headline value per share and the consideration being offered, the level, timing and deliverability of the financial synergies to be generated and the enlarged Group’s growth strategy in an increasingly competitive marketplace. As a result of these and other factors, including the proven track record of GVC’s management team in creating substantial value for shareholders, after a carefully managed and diligent review process, the Board has withdrawn its recommendation for the 888 offer and is now advising bwin.party shareholders to vote in favour of the Offer from GVC.”

Kenneth Alexander, CEO at GVC Holdings, said: “GVC is the natural partner for bwin.party considering our strong sports betting and online gaming pedigree. Sports betting is in our DNA and leveraging GVC's experience of successfully acquiring and restructuring online gaming businesses, notably Sportingbet in 2013, we look forward to merging the two operations to deliver long term value for combined shareholders. GVC has been working closely with bwin.party's management and has identified many talented individuals with whom it looks forward to working to ensure the future success of the enlarged business.”

Yea discusses Bwin.Party’s decision to switch its recommendation in the following video:

  • No avatar medium

    sharpe

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    This is a big turn in Bwin Party board opinion, they was kept recommended 888 offer to the shareholders despite that the offer from GVC was better financially. In the end it just looks like that Bwin Party just waited for more money to be put on the table from one of the competitor companies. And I guess it was a wise move from them.
  • Jade lcb

    jade

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    I read the next article or their latest article before this one and 888 is out of the picture, so if you read this comment, I guess it's like a spoiler in a movie review. GVC Holdings is the only game in town and like I said before, take the deal Bwin.Party, you have no other options. You could go back to the drawing board, reevaluate your personality and try to figure out what is wrong with me. Why can't I successfully woo two at the same time. Why does somebody always leave..............................Do I really want to sell myself or am I selling myself short................. ha,ha,ha..................................

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