888 Holdings abandons bidding race for bwin.party

A follow-up on LeapRate’s article on the bidding war for bwin.party…

bwin.party Digital Entertainment Plc (LON:BPTY), owner of British CFD and spread betting broker InterTrader, this morning recommended a $1.7 billion acquisition bid from GVC Holdings PLC (LON:GVC). Along with this move bwin.party abandoned its recommendation for an earlier offer from 888 Holdings Public Limited Company (LON:888), which it had supported so far.

Following these developments, 888 Holdings issued an announcement today, saying it is no longer in discussions to acquire bwin.party.

“The 888 board has concluded that, as a result of its own extensive due diligence on bwin.party, it cannot see sufficient value in bwin.party to warrant a revision to its offer.”

In the announcement, the Board of 888 reiterates that it stays focused on growing shareholder value by pursuing strategic growth initiatives.

To view the official announcement from 888, click here.

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