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Online wagering business Bwin accepts GVC takeover bid
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4 September 2015
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Online betting business Bwin has accepted a ₤ 1.1 bn takeover bet9ja's welcome offer from GVC Holdings in preference to rival bidder, 888 Holdings.
Bwin had initially concurred to a deal from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, resisted.
Bwin - whose brands consist of Partypoker, Partycasino and Foxy Bingo - said GVC's deal was "reasonable and sensible".
Bwin chairman Philip Yea said in a business video that investors were split about deserting the 888 offer.
"There was a quite even split of those that expressed views one method or the other. But we also had a substantial block of shares that was happy to support the board on its considerations,"
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GVC's offer, external of 25p in cash and 0.231 new GVC shares concerns almost 130p per Bwin.party share based on Thursday's closing price.
Reducing expenses
Bwin stated the GVC deal provided ₤ 120m extra value compared to the yohaig code 888 quote.
The business said they were also swayed by higher anticipated cost savings and GVC's performance history of integrating acquisitions, such as that of Sportingbet in 2013.
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Earlier this promotion code week it was reported that GVC was prepared to introduce a hostile bid for Bwin.
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The 888 board validated it had actually withdrawn from the bidding procedure stating it can not see sufficient value in Bwin to increase its deal.
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Stricter guidelines are pressing online gaming companies to merge to try and lower running costs.
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Size is likewise seen as crucial to in an online market buoyed by the use of tablets and mobiles.
Shares in Bwin, rose in early trading in action to the news, however have because fallen.
GVC shares shut down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.
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Online Betting Company Bwin Accepts GVC Takeover Bid
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