Internet betting firm 888 Holdings announced that it will be withdrawing its bid for rival betting firm Bwin.Party after the company said that they would prefer the higher bid put forth by GVC Holdings.
The announcement came in a statement from 888's board, noting that the agreement that the company struck with Bwin on July 17th had been terminated.
The statement read: "The 888 board has concluded that, as a result of its own extensive due diligence on bwin.party, it cannot see sufficient value in bwin.party to warrant a revision to its offer. Consequently, 888 confirms that it is no longer in discussions regarding the acquisition of bwin.party."
Bwin had previously favored 888's original bid of £898 million, but GVC revised their previous bids multiple times before eventually settling on a price of £1.116 billion.
GVC's CEO Kenneth Alexander issued a comment on his company's successful bid, noting: "GVC is the natural partner for bwin.party considering our strong sports betting and online gaming pedigree. Sports betting is in our DNA and leveraging GVC's experience of successfully acquiring and restructuring online gaming businesses, notably Sportingbet in 2013, we look forward to merging the two operations to deliver long-term value for combined shareholders."