As Bwin.party’s board meets to consider its latest acquisition offers, the bluster between rival bidders 888 Holdings and GVC Holdings is escalating to WWE-level smackdowns.
On Friday, Bwin.party’s board insisted that it was maintaining its unanimous recommendation to accept 888’s bid offer, despite GVC having submitted a bid worth significantly more money. On Tuesday, 888 submitted a revised bid, which reportedly boosted its offer to 115p per share; 10p more than its previous bid, but still well below GVC’s 130p offer.
Prior to receiving 888’s revised bid, Bwin.party was reportedly considering reversing course and recommending GVC’s bid, but backed off following 888’s latest offer. Regardless of the deal value, Bwin.party’s board is apparently of the belief that 888 would be a better and less riskier fit for Bwin.party, based on GVC’s greater exposure to grey- and black-markets.
Over the weekend, GVC chairman Lee Feldman told The Times that his firm was “not prepared to walk away” from its pursuit of Bwin.party, and retained the option of bypassing Bwin.party’s board and taking GVC’s case directly to shareholders. Based on its conviction that it has made a superior bid and had “a better operating track record” than 888, Feldman said GVC didn’t see going hostile as “necessary right now” but said GVC “wouldn’t exclude any strategy.”