Internet betting firm GVC Holdings has revealed that they have submitted a second offer for Bwin.Party, this despite the fact that Bwin has agreed to a deal with 888.
GVC revealed that they are partnering with Cerberus, an American hedge fund giant to put in a billion pound bid for Bwin, which agreed to a deal with 888 Holdings worth £898 million. Another big revelation is that Amaya Gaming may be interested in jumping in on the bidding bandwagon, although their potential involvement has not been confirmed as of press time.
GVC claims that their bid is for 122.5p per share, which is comprised of 25p per share in cash with the remainder being paid in GVC shares. That number blows out 888's offer of 104.09p per share. The group is hoping to fund the purchase by raiding roughly £150 million in equity by issuing new shares.
Casino Listings will update this story as more developments arise.