GVC Wins Bidding War with 888 for Bwin
The online betting company Bwin has accepted a £1.1 billion takeover offer from GVC Holdings in preference to the offer from rival bidder 888 Holdings.
Bwin originally accepted a £900 million offer from 888 but GVC came back with a counter offer. Bwin has described GVC’s offer as “fair and reasonable” and the board was happy to accept the new deal. According to Bwin GVC’s offer provided £120 million additional value compared to the offer from 888.
The company said that they were also swayed by higher expected savings and GVC’s impressive track record of integrating acquisitions, such as with Sportingbet two years ago. 888 has now confirmed that it has withdrawn from the bidding process and said that it will not be increasing its offer as it fails to see sufficient value in Bwin.