888 Holdings says it no longer sees “sufficient value” in bwin.party to warrant revising its offer to acquire the business, after the London-listed operator today backed a 129.64 pence per share bid from GVC Holdings.
The recommended offer from GVC, which values bwin.party at £1.116bn, resulted in the withdrawal of the bwin.party board's earlier recommendation of 888's offer.
As a result, the co-operation agreement of July 17th between bwin.party, 888 Holdings and 888 Acquisitions has been terminated.
“The 888 board has concluded that, [...]
