Internet betting firm GVC Holdings has announced that they have placed yet another bid to acquire 888 Holdings, submitted a bid worth £1.03 billion, trying to beat out a bid from 888 that has already been accepted.
The bid is the second raise in less than two weeks, and GVC revealed that they are being backed by Cerberus Capital Management. The bid values Bwin at 125.5 pence per share, which is 2.4% higher than the offer the group put in on July 27th.
It is thought that GVC's latest bid could cause 888 to up their own bid for the group, even though the deal has already been accepted and is pending approval by Bwin's Board of Directors. It is thought that Bwin could provide a cost benefit of 888 of at least $70 million annually by the end of 2018, while GVC is predicting that benefits could be $150 annually by 2017.
Casino Listings will update this story as more developments arise.