UK-listed online gaming operator GVC Holdings confirmed Friday that it has submitted a proposal to acquire the entire share capital of bwin.party digital entertainment.
In response to recent speculation in the media and an increase in its share price Friday, bwin.party confirmed that it is continuing its discussions with a number of third parties and has received revised proposals, including from GVC, regarding a variety of possible business combinations.
GVC said that if the proposed transaction were to complete, it would be treated as a reverse takeover due to the size of bwin.party relative to the company, which currently operates the Sportingbet (excluding Australia), Casino Club and Betboo brands.
Any proposed deal would also require the approval of GVC shareholders.
“There can be no certainty that the submission of this proposal will lead to the company being selected as a proposed acquirer of bwin.party or, in turn, completing an acquisition,” said GVC in a statement to the London Stock Exchange.
Shares in bwin.party digital entertainment plc (Co. Data) (LSE:BPTY) were trading up 5.82 per cent at 94.60 pence per share in London earlier friday, while shares in GVC Holdings plc (Co. Data) (AIM:GVC) climbed 2.45 per cent 469.75 pence following the announcement.