GVC Holdings has won the £1 billion bid for Bwin.Party after the online gambling operator decided to switch horses.
GVC confirmed this morning that it had reached an agreement with Bwin, which had previously recommended a takeover deal with 888 holdings.
The offer of 25p per share in cash and 0.231 new GVC shares values the offer at 129.64p for a Bwin share, a 12.5 per cent premium based on Thursday’s close.
GVC and 888 have been trying to outbid each other over the past few months in the battle for larger rival Bwin. Gambling firms are trying to bulk up in response to higher tax bills and tighter regulation in Britain and continental Europe.
Bwin said GVC’s higher offer as well as its track