GVC: We'll do everything in our power to secure bwin.party
Operator willing to increase 124p per share bid as reports suggest it could go beyond 130p
GVC Holdings has this morning said it will do all it can to beat rival bidder 888 to the acquisition of bwin.party, including raising its current 124p per share proposal.
The Sportingbet owner currently finds itself behind preferred bidder 888, although eGaming Review understands the bwin.party board are due to meet tomorrow in order to come to a final decision on the GVC cash and shares package lodged almost two weeks ago.
Bwin.party could yet decide to return to 888 to see if the operator would be prepared to raise its 104p per share offer, but even in that scenario GVC has said it would raise the stakes yet again in what is fast becoming the most protracted M&A battle in egaming history.
“We will do everything in our power to win this auction and deliver the best value for bwin shareholders, both now and in the future,” a GVC spokesperson said.
“A combined bwin and GVC business would be far more valuable in the longer term than that of the alternative. We have greater synergies so we can pay more if necessary,” the spokesperson added.
A report in The Times this morning suggested GVC would be willing to go beyond the 130p per share mark, which would value bwin.party at approximately £1.1bn – 888’s current offer equates to roughly £900m.
News of GVC’s determination and financial firepower comes after eGR yesterday published an exclusive interview with 888 chief operating officer Itai Frieberger in which he explained why he felt his firm could generate a greater upside via a bwin.party combination than GVC.
Yet Frieberger also insisted his firm wasn’t prepared to take part in a bidding war and today’s development suggests GVC is willing to test 888’s resolve.