GVC raises offer to £1.1 billion for rival Bwin.party

Still the Bwin.party saga continues. This week, the big story sees GVC Holdings increase its bid for the rival digital entertainment company to £1.1 billion.

The 130 pence per share figure was confirmed by The Times. The paper further commented that the price, reached by GVC and its partners Cerberus Capital Management, represented an increase of almost £100 million on their previous offer.

However, as Calvin Ayre explained, the sum is still below the 140 pence per share figure that Bwin.party board member Jason Ader suggested GVC would need to match in order to win out over rival bidder 888 Holdings.

With the Bwin.party board having apparently met to discuss the latest development on Thursday 20th August, you could be forgiven for thinking this matter will be quickly resolved.

But with this whole affair now feeling as if it’s run longer than The Mousetrap, the end game still feels a very long way away.

Monday 24th August - Calvin Ayre is reporting that GVC Holdings has said that it might yet walk away from its pursuit of Bwin.party.

A source close to GVC is claiming that the company might raise its bid again if rival bidders 888 Holidings up theirs. However, if 888 remains a part of the process but doesn't increase its offer, GVC might simply withdraw their offer completely.