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888 Posts Update on Bwin Bid

Internet betting firm 888 Holdings posted a statement regarding its bid for Bwin.Party, noting that they believe they have a stronger offer than rival GVC Holdings, which has placed a significantly higher bid in terms of money.

The statement notes that 888, "...continues to believe that the combination of the 888 and bwin.party businesses announced on 17 July 2015 under the 888 management team would generate significant value for both sets of shareholders."

888's bid is less than GVC's, but gives Bwin ownership of 49% of the merged business and brings with it all of its assets in running a successful online betting operation to the table.

The company's statement also claims: "This offer was unanimously recommended by bwin.party. The Board continues to believe that its offer is of significantly greater intrinsic value than the proposal outlined by GVC Holdings plc on 24 August 2015."

"The Board notes that it remains the unanimously recommended bidder and continues to work towards the completion of the proposed transaction."

"888 publishes its interim results for the 6 months to 30 June 2015 on 28 August 2015 and anticipates publishing a prospectus and shareholder circular in relation to the proposed transaction on the same day."

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