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Online wagering accepts GVC takeover quote
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4 September 2015
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Online wagering business Bwin has accepted a ₤ 1.1 bn takeover bet9ja's welcome offer from GVC Holdings in choice to competing bidder, 888 Holdings.
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Bwin had actually originally consented to a deal from 888, worth about ₤ 900m, but GVC, the yohaig code owner of Sportingbet, resisted.

Bwin - whose brands consist of Partypoker, Partycasino and Foxy Bingo - stated GVC's deal was "fair and reasonable".

Bwin chairman Philip Yea stated in a business video that shareholders were divided about deserting the 888 deal.

"There was a pretty even divided of those that revealed views one way or the other. But we likewise had a significant block of shares that enjoyed to support the board on its deliberations,"

GVC's bet9ja's welcome offer, external of 25p in cash and 0.231 brand-new GVC shares concerns nearly 130p per Bwin.party share based upon Thursday's closing rate.

Reducing expenses

Bwin said the GVC bet9ja's welcome offer supplied ₤ 120m additional worth compared with the 888 quote.

the yohaig code business stated they were likewise swayed by higher anticipated cost savings and GVC's track record of incorporating acquisitions, such as that of Sportingbet in 2013.
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Earlier this week it was reported that GVC was prepared to launch a hostile quote for Bwin.

The 888 board verified it had withdrawn from the bidding process saying it can not see sufficient value in Bwin to increase its offer.

Stricter guidelines are pressing online gaming companies to combine to attempt and reduce running costs.
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Size is likewise viewed as important to ensure competitiveness in an online market buoyed by the use of tablets and mobiles.

Shares in Bwin, increased in early trading in response to the news, but have since fallen.

GVC shares shut down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.

GVC refuses to provide up on Bwin bid

7 August 2015

GVC ups stakes in Bwin bidding war

27 July 2015
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888 in takeover technique for Bwin
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GVC Holdings

888 Holdings
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