Key Takeaways
- The board of directors at bwin.party have reversed their position and is now advising bwin.party shareholders to vote in favor of the Offer from GVC.
- GVC is offering approximately 129.64 pence per share, in a mixture of new GVC shares and cash.
- The GVC offer represents a premium of 12.5%, and fully 45% more than when it first announced that it was considering a takeover bid.
Six weeks after making “irrevocable” commitments to back 888 Holding’s bid, the board of directors at bwin.party has reversed its position and is now “advising bwin.party shareholders to vote in favor of the Offer from GVC.”
“In recommending the Offer from GVC, the Board has taken into account many factors,” stated bwin.party Chairman Philip Yea in an investors announcement Friday.
