GVC Holdings Plc said it’s still working with Bwin.party Digital Entertainment Plc on a 1 billion-pound ($1.6 billion) takeover offer as it seeks to break up 888 Holdings Plc’s agreement to acquire the online gaming company.
The terms of the offer are unchanged from those announced Aug. 7, Isle of Man-based GVC said in a statement Monday. Each Bwin.party share would be valued at 25 pence in cash and 0.231 of a GVC share, valuing Bwin.party stock at about 124 pence.
“Significant progress has been made and the GVC board expects to be in a position to resubmit its proposal to the Bwin.party board in the near future,” GVC said.
Bwin.party agreed last month to be acquired by 888 in a cash-and-stock deal that values Bwin.party at about 103 pence a share. The battle over the Gibraltar-based company is the latest in a series of combinations 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 confirmed that it’s discussing certain aspects of the GVC proposal with GVC and its advisers. The board’s unanimous recommendation of the 888 offer remains unchanged, Bwin.party said in a separate statement.
Bwin.party fell 0.3 percent Friday to close at 114.30 pence in London.