Key Takeaways
- GVC Holdings has confirmed that it has made a proposal to bwin.party’s board of directors to buy the company at a price of 122.5 pence per share.
- The structuring of the finance implies a total value for bwin.party of just under £990 million ($1.535 billion)—around £90 million higher than the 888 deal.
- GVC’s original proposal included funding from Amaya, but there is no mention of any involvement by Amaya in the new deal.
- The finance for the transaction will be provided via “a €400m senior secured loan provided by affiliates of Cerberus Capital Management, L.P.”
GVC Holdings has confirmed that it has made a proposal to bwin.party’s Board of Directors to buy the company at a price of 122.5 pence per share. The bid the board has agreed to with 888 Holdings was at a price of 104.09 pence based on 888’s shares being worth 160 pence.
