BwinParty receives takeover offers from two potential buyers

interested parties have confirmed they have submitted proposals to acquire operator BwinParty.

Online gaming group GVC Holdings sent out a statement revealing its intentions to complete a takeover on Friday, before operator 888 Holdings followed suit today (Monday).

GVC’s statement read: “If the proposed transaction were to complete, it would be treated as a reverse takeover due to the size of BwinParty relative to the company and, in order for the proposed transaction to proceed, it would require, inter alia, the approval of GVC shareholders.”

888 then sent out a statement confirming their own proposal to acquire BwinParty, stating that “there is significant industrial logic in a combination of 888 and BwinParty, benefiting both companies” and that “888 shareholders representing approximately 59% of 888's share capital have irrevocably committed, subject to customary conditions, to vote in favour of the proposed transaction”.

BwinParty said in a press release on Friday that it was “continuing its discussions with a number of third parties and has received revised proposals (including from GVC Holdings PLC) regarding a variety of possible business combinations”.

BwinParty then said in another press release today regarding the 888 takeover proposal: “The board of BwinParty has noted the announcement made by 888 Holdings PLC and confirms that it has received a proposal to acquire the entire issued and to be issued share capital of BwinParty. The board and its advisers are conducting a detailed review of the proposals received to date and will make a further announcement in due course.”

888 held discussions over a takeover of its business with fellow operator William Hill earlier this year, before the negotiations came to an end due to a lack of agreement on the value of the company with a “key stakeholder”.

BwinParty said in March that it had received indicative offers from several groups that were interested in buying part or all of the company, on the same day that it announced it had made an operating loss of €97.9m for 2014.