Bwin.Party Gets New Bid Proposal From 888 in Takeover ContestPaul Jarvis
Bwin.party Digital Entertainment Plc said it got a revised takeover proposal from 888 Holdings Plc, the latest twist in a bidding contest for the online gaming company.
The new proposal -- details of which were not disclosed -- is subject to a number of pre-conditions, Gibraltar-based Bwin.party said in a statement Tuesday. It has already accepted a cash-and-share offer from 888, and since then has received higher bids from GVC Holdings Plc.
The battle is the latest in a series of combinations in the gaming industry driven both by the growth of the sector and increased regulation as governments raise taxes and seek to reduce crime. GVC, based in the Isle of Man, didn’t concede the contest even after Bwin.party agreed to a lower bid from 888 that it favored because it said it was more certain.
Bwin.party said it’s evaluating the latest proposal from 888, together with that from GVC, and will consult with key shareholders in coming days before making any final decision.
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