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888 in takeover approach for online gaming rival Bwin | 888 in takeover approach for online gaming rival Bwin |
(about 3 hours later) | |
UK online gaming group 888 says it has made a takeover approach for rival Bwin.party, raising a prospect of a bidding war for the firm. | UK online gaming group 888 says it has made a takeover approach for rival Bwin.party, raising a prospect of a bidding war for the firm. |
On Friday, GVC Holdings, a UK-listed online betting firm, said it had made a bid approach for Bwin. | |
888 - whose brands include Casino-on-Net and Pacific Poker - is expanding its sports betting business and said in March it was looking for acquisitions. | 888 - whose brands include Casino-on-Net and Pacific Poker - is expanding its sports betting business and said in March it was looking for acquisitions. |
Bwin's brands include Partypoker, Partycasino and FoxyBingo. | Bwin's brands include Partypoker, Partycasino and FoxyBingo. |
Shares in Bwin jumped nearly 10% on news of 888's approach. | Shares in Bwin jumped nearly 10% on news of 888's approach. |
888 said there was "significant industrial logic" in a tie-up with Bwin. | 888 said there was "significant industrial logic" in a tie-up with Bwin. |
It added that 888 shareholders representing about 59% of its share capital had "irrevocably committed" to back the deal. | It added that 888 shareholders representing about 59% of its share capital had "irrevocably committed" to back the deal. |
Earlier this year, bookmaker William Hill and 888 ended discussions over a possible takeover after an 888 shareholder rejected the offer as too low. | Earlier this year, bookmaker William Hill and 888 ended discussions over a possible takeover after an 888 shareholder rejected the offer as too low. |
Bwin.party has sponsored a number of high-profile European football clubs, including Real Madrid, AC Milan and Bayern Munich and Olympique de Marseille, and is a casino partner of Manchester United. | Bwin.party has sponsored a number of high-profile European football clubs, including Real Madrid, AC Milan and Bayern Munich and Olympique de Marseille, and is a casino partner of Manchester United. |
The current company was formed from the merger of London-listed Party Gaming and Austrian group Bwin in 2011. | The current company was formed from the merger of London-listed Party Gaming and Austrian group Bwin in 2011. |
In March, it announced that core earnings for 2014 had fallen by 6% to €101.2m (£73.5m). | In March, it announced that core earnings for 2014 had fallen by 6% to €101.2m (£73.5m). |
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