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Online betting company Bwin accepts GVC takeover quote
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4 September 2015

Online betting business Bwin has accepted a ₤ 1.1 bn takeover bet9ja's welcome offer from GVC Holdings in preference to competing bidder, 888 Holdings.

Bwin had initially accepted an offer from 888, worth about ₤ 900m, but GVC, the owner of Sportingbet, resisted.

Bwin - whose brands consist of Partypoker, Partycasino and - said GVC's offer was "fair and sensible".

Bwin chairman Philip Yea stated in a company video that shareholders were divided about abandoning the 888 deal.

"There was a quite even divided of those that revealed views one method or the other. But we also had a significant block of shares that was happy to support the yohaig code board on its considerations,"

GVC's offer, external of 25p in money and 0.231 brand-new GVC shares pertains to nearly 130p per Bwin.party share based on Thursday's closing rate.

Reducing expenses

Bwin said the GVC deal supplied ₤ 120m extra value compared with the 888 quote.

The business stated they were likewise swayed by higher expected savings and GVC's performance history of incorporating acquisitions, such as that of Sportingbet in 2013.
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Earlier this promotion code week it was reported that GVC was prepared to introduce a hostile bid for Bwin.

The 888 board validated it had actually withdrawn from the yohaig code bidding procedure stating it can not see adequate value in Bwin to increase its deal.
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Stricter policies are pushing online betting business to merge to try and minimize operating costs.
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Size is also seen as vital to make sure competitiveness in an online market buoyed by the use of tablets and mobiles.

Shares in Bwin, rose in early trading in action to the news, but have given that fallen.

GVC shares shut down by nearly 4%. Meanwhile 888 shares closed up by 0.31%.
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