GVC Holdings is set to raise its offer for bwin.party to around 130 pence per share, valuing the bid at £1.1bn, reports The Times.
GVC initially bid around £900m for bwin.party in early July before bwin.party accepted a rival offer of similar size from 888 Holdings. GVC returned with an increased offer, worth around £1bn, which bwin.party rebuffed, citing the deal’s complexity and less attractive growth prospects as reasons.
The Times reports that Bwin's board is to meet today to decide on GVC's increased offer. If it accepts the GVC bid, it is likely that 888 will be afforded the opportunity to return with its own improved offer.
