Home / Poker News September 2015 / GVC Holdings Make bwin.party an Offer They can't Refuse
GVC Holdings Make bwin.party an Offer They can't Refuse
Posted by: Randy Williams - Fri, 2015-09-04 08:59
The bidding war surrounding the acquisition of bwin.party Digital Entertainment has produced some interesting and possibly frustrating rumors and news in the past. Once again, it looks like a definitive deal has been reached, although it wouldn't be the first time such a deal was announced. The party now said to have reached an agreement is GVC Holdings, so 888poker are now apparently out of the picture for good. bwin.party shareholders were reportedly not content with some of the details of the 888poker deal, but now, GVC Holdings have made an offer they could not refuse. The new deal, which will see GVC acquire the entire share capital of bwin.party is worth some $1.71 billion, and it will offer bwin.party shareholders 129.64 pence per share, representing a 12%+ premium on the current price of the shares.
The acquisition will be financed from a number of different sources: some of it (a share of up to €400 million), will be covered by Cerberus, through a senior secured debt, while another part will be financed with money raised by GVC through institutional investors and other fund-raising means in which apparently some of the GVC directors will also be involved.
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According to GVC, the company is a natural partner for bwin.party, given their strong involvement in
online gaming and sports betting. When the deal is completed, a new company will essentially come to be, which will retain current bwin.party CEO Norbert Teufelberger, as a non executive director.
The goal of the move is obviously further growth through the merger of products and more importantly, of the two customer-bases. The cutting of the operational costs is also pursued.
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