Internet betting firm GVC Holdings has posted a statement this morning regarding its bid for the online betting giant, stating that the two companies are work toward a deal.
Last week the company put in a bid valued at roughly 124p per share, handily beating the bid put forth by 888 Holdings, who had previously thought they clinched a deal with a bid of £898.3 million. 888 is expected to put in an additional bid that is more competitive with their competition.
The statement published by GVC regarding their bid read: "Further to the announcement made by the Company on 7 August 2015, in which the GVC Board confirmed that it had made a fully funded proposal to the Board of bwin.party digital entertainment plc ("bwin.party") for the acquisition of the entire issued and to be issued share capital of bwin.party and which valued each bwin.party share at 25p in cash and 0.231 new GVC ordinary shares, the GVC Board is pleased to confirm that it continues to work closely with bwin.party and its advisers with a view to finalising the open aspects of its Proposal (as defined in the 7 August 2015 announcement)."
"Since the 7 August 2015 announcement, significant progress has been made and the GVC Board expects to be in a position to resubmit its Proposal to the bwin.party Board in the near future and on the same terms as set out in the 7 August 2015 announcement, having resolved the remaining open issues to both parties' satisfaction. The Company will update shareholders accordingly."
"The Proposal values bwin.party at approximately 124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p."
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