Online gaming group bwin.party Digital Entertainment Plc (LON:BPTY), owner of British CFD and spread betting broker InterTrader, today made an announcement, which can be interpreted as the official start of a bidding war for the group.
In a filing with the London Stock Exchange, bwin.party said it received a revised proposal from 888 Holdings Public Limited Company (LON:888). The changed offer comes a couple of days after GVC Holdings PLC (LON:GVC) also revised the terms of its acquisition bid for bwin, with “key aspects of GVC’s proposal have now been addressed to bwin.party’s satisfaction”.
Although bwin.party still recommends the original offer by 888, which entitles bwin’s shareholders to 39.45 pence in cash and 0.404 New 888 Shares per each bwin.party’s share, the company is obviously open to talks with GVC too.
The revised proposal from 888 is subject to a number of pre-conditions (which can be waived in whole or in part by 888).
The Board of bwin.party is currently assessing this revised bid, together with that received from GVC, and plans to consult with its key shareholders in the coming days before making a final determination as to which proposal is in the best interests of shareholders.
To view the official filing with the LSE, click here.