888 fights back in bwin battle

888 Holdings will meet with representatives of bwin.party this week in a last-ditch attempt to wrestle the up-for-sale operator out of the clutches of rival bidder GVC Holdings.

eGaming Review understands 888 is not prepared to get involved in a price war but will instead make the case for the benefits and synergies it believes can be realised by a combination of the two firms, in what would be a majority paper deal.

With bwin.party shareholders set to assume a large number of shares in whichever firm it opts to reverse into, board members are having to consider carefully which proposal would offer a greater return in the years ahead.

And it appeared bwin.party had considered the GVC proposal of 110p per share to offer the most promise after the two parties last week announced they were working together to prepare a final offer.

On Thursday GVC chief executive Kenneth Alexander told eGR he was confident a deal, valued at approximately £900m, could be finalised in a matter of “day and weeks” and said his firm’s proposal crucially offered “far greater synergies than 888“.

Speaking to eGR this morning, a spokesperson for GVC said 888’s renewed efforts had “changed nothing” and that GVC would continue to work closely with bwin.party to complete a deal. 888 declined to comment.

GVC’s bid is being part-funded by Amaya Gaming which, if successful, would take control of bwin.party’s US division and wider poker business.