Bwin.party Receives Takeover Proposal by 888 Holdings, Share Prices Rise After Takeover Proposal Issued
888 Holdings revealed its final proposal to acquire Bwin.party Company. In a statement recently released, the company said the deal will consist of 888 shares plus cash. However, since the deal is bigger than a normal purchase it will need the approval of 888 shareholders. Around 59% of shareholders have already voted and voted for the deal to complete.
888 Holdings did say there is “no certainty” that the deal will be completed and will update with further details as they emerge, but with more than half of its shareholders voting for support of, they are one step closer to sealing a deal.
Bwin.party said on Friday that a number of parties are in contact regarding a takeover of the company including GVC Holdings. GVC Holdings confirmed they put in an offer, and if accepted it would be treated as a inverse takeover because the size of 888.
Bwin.party commented on 888’s proposal saying they have received the proposal and will consider the offer. They released the following statement on the matter:
“The board of bwin.party has noted the announcement made by 888 Holdings and confirms that it has received a proposal to acquire the entire issued and to be issued share capital of bwin.party. The board and its advisers are conducting a detailed review of the proposals received to-date and will make a further announcement in due course, however there can be no certainty that these proposals will result in a transaction being completed.”
Comparison of the Firms
|Index/market||Recent share price||Market cap.||Revenue to 31/12/14|
|Bwin. Party||Ftse 250||108p||£820 m||$612 m|
|888||Ftse Small Cap||164p||£605 m||$455 m|
|GVC||AIM||461p||£281 m||$225 m|
We will report more on this breaking news as more details emerge.