GVC Holding’s is working to improve its latest bid for bwin.party in hopes of getting the company to accept the offer over a lower bid from 888 Holdings.
According to Bloomberg News, GVC’s bid is fully funded and values bwin.party shares at about 125.5 pence each, as of closing prices last week. GVC said it expects the final talks on the about £1 billion bid to be finished by the end of this week.
Bwin.party said separately that it’s working “closely” with GVC and its advisers to evaluate the bid. The Gibraltar- based company said that the Bwin.party board hasn’t changed its recommendation for the offer from 888, which is also based in the British colony, according to Bloomberg.
Bwin.party said last month it favored 888’s £908 million bid because it’s more certain.
Bwin.party said its recent recommendation of a rival bid by 888 Holdings was “unchanged,” although that may change in the coming days, and emphasized that there was no certainty that a full offer will be made by GVC.