GVC and BwinParty announce acquisition proposal
Online gaming group GVC Holdings and operator BwinParty have both confirmed reports that the former has made a proposal to acquire all of the outstanding and to be issued share capital of the latter.
As initially reported by the Financial Times, the proposal values BwinParty at 110p a share, which therefore values the company at just over £900m.
The proposal is comprised of a combination of new GVC shares and cash.
GVC said: “There can be no certainty that an offer for BwinParty will be made. GVC will provide a further update for shareholders as and when appropriate.”
GVC chief executive Kenneth Alexander said: “We believe that the potential combination of GVC and BwinParty would result in substantial financial and operating synergies and represent an excellent opportunity for both GVC and BwinParty shareholders.”
BwinParty said that its board has considered the proposal and that it is “determined to work with GVC so that they can finalise their offer over the coming days”.
Operator 888 Holdings confirmed their own proposal to acquire BwinParty in May, after GVC first confirmed it had submitted a proposal to acquire BwinParty.
GVC said later that month that the execution of its approval would be jointly financed by GVC and provider Amaya Gaming.
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