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Home / Poker News August 2015 / bwin.party Saga not Over Yet

bwin.party Saga not Over Yet

Posted by: Jo Martin - Sat, 2015-08-01 12:50

bwin.party Saga not Over Yet

A couple of weeks ago news broke regarding the 888 Group's acquiring of bwin.party and the deal was essentially presented as a done one. Apparently though, that is not the case: GVC, another party involved in the bidding war surrounding the online poker/betting/bingo operator, has upped the stakes, enough to get a discussion going. The bwin.party shareholders were apparently not overly delighted with some of the terms of the announced deal, especially with the 122.5 pence premium, and thus, it now looks like the company may opt to drop the $1.4 billion 888Holdings deal and go the GVC way provided the latter does indeed drop a substantially sweetened deal onto the table.
Specifically, bwin.party are looking for a 15% increase on the $1.55 billion deal that is currently being dangled.
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According to Bloomberg, should GVC succeed in their bid to take over bwin.party, CEO Kenneth Alexander would take over the reins of the company.
Even as the bidding war has flared up anew, bwin have made it clear that they had other big plans to tend to: the company is apparently looking to open no fewer than 400 betting shops in Italy. bwin won't go it alone though: the move will be executed in cooperation with a recently set-up operation named Obiettivo 2016. The betting shops will be the first ones to offer brick-and-mortar betting under the bwin brand and they will apparently hand bwin control over about 15% of the Italian sports betting market. The Italian sports betting industry is estimated at about €7.9 billion per year, so it is indeed understandable that bwin are looking to assume a leading position in it.
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