The Poker about BwinParty continues
27 August 2015
The Poker about BwinParty continues. It’s no secret that Bwin.Party has been sold to the highest bidder but the confusion continues, who has actually made the purchase out of all the potential companies is the question. The Gibraltar based online gambling provider Bwin.Party Digital Entertainment is an attractive asset and its portfolio includes leading online gambling brands including PartyPoker and the World Poker Tour. 888 the gambling giant was this worth it a 1.4 billion in cash and stock to acquire the company last month. Now a $ 1.6 billion offering made by GVC Holdings, a B2B and business-to-consumer provider of online gaming and sports betting, which was merged two years ago with William Hill, reportedly submitted a higher bid.
888 as well as GVC are familiar with the strategy of merging and the acquisitions by the company in the iGaming sector. It seems that there will be a bidding war between the two heavyweights in the iGaming industry. About a month ago 888 put a combination of $ 1.4 billion in cash and stock as an offer forward, that was at that time the highest bid in the fight for Bwin.Party Digital Entertainment. Undeterred GVC came already a few days later up with a similar mix of cash and stock totalling $ 1.6 billion, in order to stop the completion of the acquisition by 888. Since the deal was delayed, GVC increased a few days ago its own maximum bid from £ 1000000000 to 1030000000 £. Now the bidder 888 has a $ 650 million, or about 585, € million a leverage lending agreement which shall secure the proposed acquisition. The question now is: What is going to happen with the 888 deal? It seems that Bwin had a bidding process with more flexibility set than usual, because Bwin still accepted bids as the ongoing discussions with GVC after “allegedly concluded auction” continued. It may well be that the announced winner will be decided in court or by the commandment which continues to grow.