888 Holdings has upped the stakes in the battle to acquire online operator bwin.party by submitting a formal bid alongside that of GVC Holdings, which declared its interest last week.
888, which had itself shrugged off William Hill’s overtures to acquire it earlier this year, said in a statement: “The board believes that there is significant industrial logic in a combination of 888 and bwin.party, benefiting both companies and all shareholders and accordingly, has submitted a proposal regarding the acquisition of the entire issued and to-be-issued share capital of bwin.party for consideration comprising cash and 888 shares."
The statement added that 888 shareholders representing “approximately 59 per cent” of the company's share capital have “irrevocably committed, subject to customary conditions, to vote in favour of the proposed transaction.”
Shares in bwin.party on the London Stock Exchange jumped more than six per cent following news of the 888 bid, while those of 888 dropped around five per cent.
