M&A News

The battle to acquire bwin.party digital entertainment could reach a conclusion as soon as next week, with the operator’s board asking GVC Holdings to clarify the best terms on which it is prepared to make a formal offer for the business.

Earlier this week GVC said that it was making progress in talks towards a formal bid for bwin.party, though it confirmed it would not raise its proposed 124 pence per share bid, despite media reports that it would up its proposal to 130 pence.

GVC originally made a bid of 110 pence per share in July, before raising its proposed bid after 888 was selected as the preferred acquirer.

bwin.party’s board has now asked GVC to clarify the best terms on which it is prepared to make a formal offer to acquire all the issued and to be issued shares in the company.

It said that 888, which had a 104.09 pence per share bid unanimously approved by bwin.party, had been informed of this development, and that it would be given due notice should the board propose to recommend an offer from GVC.

The board added that its unanimous recommendation for the 888 offer, announced on July 17th, remained unchanged, also reiterating that there was no certainty GVC would make an offer for the operator.

The long-running process may finally be nearing its conclusion, with bwin.party stating that it expects to give a further update on the matter on Tuesday September 1st, suggesting GVC may have to make a further offer by that date.

bwin.party digital entertainment plc (Co.Data) (LSE:BPTY) has seen its share price rise marginally in London this morning, up 0.26 per cent to 114.00 per share, while GVC Holdings plc (Co.Data) (LSE:GVC) shares have risen 2.37 per cent to 432.50 pence per share following this latest development.