The battle about Bwin is probably in the last round
05. September 2015
As reported earlier, the provider 888 has been surpassed in spite of an already concluded contract. But 888 would still like to buy the online operator called Bwin and therefore 888 doesn’t withdraw itself from the contract. Instead, 888 had increased its offer in a strange-looking bidding duel with GVC. According to a release from Bwin, 888 had revised its proposal for takeover on Tuesday by the submission of a new offer. The poker, bingo and sports betting company Bwin that offers these online divisions, is now comparing the bid offer of the currently favoured, high offer of sporting bet owner GVC. The process adheres to a strong, friendly expressed, unorthodox aura because Bwin accepted a higher bid from GVC after 888 had already purchased the company via a contract.
The resulting auction-like process now arouses attention within the entire iGaming industry and it is not clear at this stage how it will end. The new details of the deal from 888 are kept a secret. What is known is that 888 has increased the paper element of its offer to a new value of the new offer to 115 dots per share. The new, restructured offer shows that 888 is ready and able to continue the battle for Bwin, and this, even though a previously concluded contract had passed before this. Why 888 is not protesting that the completed original business contract is now not valid anymore is not quite clear. What is clear is the only way GVC can remain on the ball in this bidding war, to restructure their business as a readmission. According to a company spokesperson, the GVC would like to continue bidding. What the conditions in this unorthodox sales process are, is unknown, because Bwin let continue this auction in the first place. But if you follow the latest reports, it seems that GVC has now won the final takeover battle.