GVC Holdings Plc said it’s in final talks over a bid for Bwin.party Digital Entertainment Plc to persuade the online-gaming company to drop a lower offer it has accepted from 888 Holdings Plc.
GVC’s bid is fully funded and valued Bwin.party shares at about 125.5 pence each as of Thursday’s closing price, the Isle of Man-based company said Friday in a statement, adding it expects the final talks to take five to 10 business days.
Bwin.party said separately that it’s working “closely” with GVC and its advisers to evaluate the bid. The Gibraltar-based company said that the Bwin.party board hasn’t changed its recommendation for the offer from 888, which is also based in the British colony.
Bwin.party said last month it favors 888’s proposal because it’s more certain. The struggle is part of a series of deals in the gaming industry. GVC teamed up with William Hill Plc to take over Sportingbet Plc in 2013, and Ladbrokes Plc agreed to buy Coral Group last month. Bwin.party Chief Executive Officer Norbert Teufelberger has been considering a sale since at least November.
888’s bid values Bwin.party at about 108.13 pence a share, based on Thursday’s closing price. Bwin.party’s stock was unchanged at 117.10 pence as of 12:24 p.m. in London.