GVC Holdings Teams Up With Cerberus Capital Management on New OfferPublished on 2015-07-26 20:52:00
The battle for Bwin.Party is not over yet.
According to the Financial Times, GVC Holdings, which owns the Sportingbet, Casino Club and Betboo brands, has teamed up with Cerberus Capital Management to launch a new bid for Bwin.Party, which is the parent company of Party Poker. According to reports, GVC Holdings/Cerberus is now offering 1 billion pounds for the Bwin.Party operation, which is significantly more than the 898.3 million pound 888 Holdings offer that Bwin.Party agreed to earlier this month.
The new offer would be a combination of cash and shares that would reportedly be worth between 115p and 120p a share. Bwin.Party agreed to a 104p offer from 888 Holdings earlier in the month, turning down a higher 110p offer from GVC Holdings due to "additional execution risks". Many people figured that Bwin.Party was indirectly referring to the involvement of Amaya, Inc. (parent company of Pokerstars and Full Tilt Poker) with this line. Under the rumored terms of the first offer from GVC Holdings, Amaya, Inc. would have reportedly taken over the Bwin.Party online poker operations while GVC Holdings would have focused on sports betting, online casino and bingo.
It is unclear as to whether or not Amaya, Inc. will be involved in the new GVC Holdings/Cerberus Capital Management deal.
It's worth noting that Bwin.Party will have to pay 888 Holdings a 5.7 million pound break-up fee if they decide to accept the GVC Holdings/Cerberus deal.
After months of unsuccessfully trying to find a buyer, Bwin.Party now looks like the prettiest girl at the dance.
Who will end up winning the bidding war for Bwin.Party?
Source: FT.com - GVC Launches £1bn Bid for Bwin.Party
Filed Under: Poker Room News