Bwin.party investor said that GVC needs to increase its offer to have a chance of winning the bidding war against 888 Holdings.

Jason Ader, who owns 5.2% of Bwin.party through his Spring Owl Asset Management, said GVC will need to further boost its offer to bwin.party to 14% more, approximately 140p per share, in order to be in contention with 888 Holdings’ accepted offer.

“I would want a much bigger premium than 122.5 pence,” Ader told Bloomberg. “There are a lot of risks and uncertainties with this GVC bid. By increasing its proposal from 110 pence, GVC has done ‘just enough to have a conversation with Bwin.’”

GVC has teamed up with Cerberus Capital Management and returned with a new proposal on Monday, which values bwin.party £1b ($1.55b). Under the new offer, bwin.party shareholders would get 122.5p for each Bwin share, consisting of up to 25p in cash and the remaining in new GVC shares. The proposal will be financed via a combination of the issuance of new GVC shares, to bwin.party shareholders, and a €400m senior secured loan provided by Cerberus.