GVC Holdings is nothing if not determined when it comes to what’s become a tennis match of a business buyout.
The back-and-forth battle for control of bwin.party took what could be its final twist this week after the gaming operator asked GVC Holdings to put its best bid on the table.
Earlier this week, GVC stirred the pot when it suggested it would be willing to up its bid for a third time and pay 130 pence per share, despite the value at the time being closer to 113 pence per share.
Prior to this speculation, it was assumed that GVC had finished second, behind 888 Holdings, in the race for bwin.party.
GVC Down But Not Out
However, the latest news suggests not only that the iGaming operator is extremely interested in bwin.party, but that bwin.party isn’t completely set on closing the deal with 888, either.
Although it seemed as though the terms offered by 888 were more appealing to bwin earlier, the company is now willing to reconsider GVC’s proposals, but only if it is upfront about how much it is prepared to pay.
According to reports, the reason for this new willingness to consider GVC’s bid, a bid which has always been worth more financially for bwin.party, is the fact that the companies have now addressed previous concerns that once plagued the deal.
The specific points of concern for bwin haven’t been revealed, but could involve potential cost-saving measures that may have been the main sticking point for the bwin.party board.
New Terms, New Hope
However, it now seems as though these concerns have been addressed and bwin.party is ready to review a new proposal.
“Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to make a formal offer to acquire all of the issued and to be issued shares in bwin.party,” read a statement from bwin.
Under the terms of business, 888 has been informed of the offer to submit a new proposal and will be given the option to adjust its own bid accordingly if necessary.
Although this process may take some time, some analysts believe that a deal either way will be finalized by the end of next week. And while there are no cast-iron guarantees, it’s likely the recently announced merger between Betfair and Paddy Power will help speed up the process.
With four major companies (Gala Coral/Ladbrokes and Betfair/Paddy Power) all joining forces in recent months, neither GVC or 888 will want to waste any time finalizing a deal to secure bwin.party. Given its interests in poker, casino, and sports betting, the platform would give GVC or 888 a strong foothold both in Europe and the US.
