Online gambling firm GVC raises offer for Bwin to $1.6 billion

Reuters News
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Posted: Aug 07, 2015 6:35 AM

(Reuters) - Online gambling company GVC Holdings Plc raised its offer for rival Bwin.party Digital Entertainment Plc to 1.03 billion pounds ($1.6 billion), hoping to pry the company away from 888 Holdings Plc.

GVC's offer, its third, of 125.5 pence per shares – 25 pence in cash and 0.231 of a new GVC share – is higher than its earlier proposal of 122.5 pence.

Both of GVC's offers are higher than 888's offer of 104.09 pence, worth 900 million pounds. But, Bwin had accepted that proposal, deeming GVC's offer too complex and with less attractive growth prospects.

Bwin, which put itself up for sale last year, said it would evaluate GVC's latest proposal.

(Reporting by Esha Vaish in Bengaluru; Editing by Savio D'Souza)