Bwin.party bidding war continues
Late last week, GVC upped its bid for bwin.party even though its previous bid was higher than the offer made by 888. The increased price by GVC is likely the result of comments made by Jason Ader, CEO of Springowl Asset Management which owns 5% of bwin.party, that GVC’s previous bid was just not enough to convince shareholders to abandon the deal with 888.
This latest move by rival GVC could force 888 to up its bid as well. If 888 is to increase its offer, expect that to happen sooner rather than later.