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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 submitted a bid for Bwin. 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).