It was just a few days ago that 888 Holdings announced they were set to acquire bwin.party for $1.4 million. 888 was up against stiff competition for the purchase of the major online gambling brand including GVC Holdings Plc who was working with Amaya Gaming in the hopes of acquiring bwin.party. Now, it has come to light that GVC is still considering their options to acquire bwin.party Digital Entertainment PLC despite the announced by 888 that they are now the owners of the brand.
GVC has released a statement on the matter, confirming that they are still interested in bwin but have yet to state if they have made an additional offer. The company actually offered more than 888 with their proposal but it was 888 that was approved for the acquisition by the board at bwin. The board felt as though GVC’s proposal was more complicated and wanted to take the offer by 888 due to the simplicity in nature to avoid unnecessary risks during the process.
In the statement by GVC, they are now considering a new proposal without help from Amaya Gaming. It could be that Amaya hurt the chances of GVC being chosen by the board and gave 888 Holdings the win. In the first proposal, GVC would be managing the sports betting portion of bwin while Amaya would be operating the poker side of the company. The proposal was a combination of cash and shares with the majority of the bid being provided for by Amaya.
GVC may now move forward with a new proposal as the potential sole owner of bwin.party. However, this could prove to be an issue as the company must prove they have sufficient funds to make the purchase. The company currently has a value estimated at £250.9 million.