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GVC wins battle for BWIN

BWIN has accepted a £1.1 billion takeover bid from GVC Holdings as the long, drawn out takeover saga appears to come to a close.

They had originally accepted a £900 million bid from 888, but GVC, the owner of Sporting Bet, hit back with an increased offer.

“There was a pretty even split of those that expressed views one way or the other. But we also had a significant block of shares that was happy to support the board on its deliberations,” said BWIN chairman Philip Yea in a company video.

GVC’s offer of 25p in cash and 0.231 new GVC shares comes to almost 130p per BWIN share based on Thursdays closing price.

The offer is thought to be worth around £120 million more than the 888 offer.

The events unfolded after GVC stated earlier this week that it was considering a hostile takeover bid if the offer wasn’t accepted; 888 have since confirmed that they will not be increasing their bid as they ‘cannot see sufficient value’ in doing so.

What this means for the firms and the industry as a whole remains to be seen, but it does appear that the end is nigh for one of the summers most drawn out stories…