Bwin.Party asks GVC for best offer as bid issues are resolved

27th Aug 2015 09:42

(ShareCast News) - All may not be lost for online gambling operator GVC Holdings after Bwin.Party Digital Entertainment said on Thursday that key aspects of its proposal have been addressed to its satisfaction.Bwin has now asked GVC to clarify, with respect to its proposal, the best terms on which it is prepared to make a formal offer to acquire the business."Whilst there can be no certainty that an offer will be made by GVC for Bwin.Party, 888 Holdings has been informed of this development and, if appropriate, will be given due notice in the event that Bwin.Party proposes to recommend an offer from GVC," it said.Bwin added that directors' unanimous recommendation of 888's offer announced on 17 July is unchanged by this announcement.On Monday, GVC said it had made "significant progress" in bid talks with Bwin after rumours emerged that it had increased its proposed offer for the company last week.Bwin confirmed that discussions on "certain aspects" of the proposal were ongoing but said until these were resolved its previous unanimous recommendation of a second offer from 888 Holdings remained in place.At 1003 BST, GVC Holdings shares were up 1.8% at 430p and Bwin shares were up 0.3% at 114p.