888 Close to Bwin Takeover

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888 Holdings plcIt appears that 888 Holdings plc. in the race to rival online gaming operator bwin.party will beat GVC / Amaya Gaming. Following an agreement for circa £898.3 million (US$ 1.3 billion) in cash and shares, it appears that the acquisition is a done deal.

Earlier this week 888 Holdings plc. confirmed it had made a final attempt to take over bwin.party, despite the previously released takeover offer of GVC / Amaya Gaming, of 110 pence per share, an offer which amounted to approximately £906.5 million.

Despite bwin.party reacting positively to this offer by GVC / Amaya Gaming and announcing to want to talk to GVC / Amaya Gaming, the company suddenly showed a lot less interest which was beneficial for 888.

The takeover of 888 Holdings plc is a little less, namely 104.09 pence per share, a premium of 16.4% over the closing price on May 14, when the bid was first made available.

Under the terms of the tender offer, the bwin.party shareholders will receive 34.45 pence in cash and 0.404 shares of 888 Holdings plc.. Each shareholder will then have the option to vary the amount of cash and shares they receive.

Want to know more about 888? You can read an 888 review here.

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