The CEO of UK-listed online gambling operator GVC Holdings says he will be “staggered” if his company doesn’t complete a takeover of struggling rival Bwin.party digital entertainment.

On Thursday, Bwin.party released a statement confirming that it had received a proposal from GVC to acquire Bwin.party’s total share capital. Bwin.party said its board had “determined to work with GVC so that they can finalize their offer over the coming days.”

As previously rumored, GVC’s cash-and-shares offer values Bwin.party at 110p per share, a roughly 10p premium on Wednesday’s closing price (but a significant haircut from what the combined value of Bwin and PartyGaming was at the time of their ill-fated 2011 merger). More than half (55%) of the roughly £900m total deal price would be in new GVC shares.

GVC issued its own announcement confirming the bid. GVC CEO Kenneth Alexander (pictured) said his company’s 2013 acquisition of Sportingbet’s grey market assets led it to believe a Bwin.party deal would provide “substantial financial and operating synergies and represent an excellent opportunity for both GVC and bwin.party shareholders.”