GVC and Bwin.Party confirm bid talks over rumoured bigger offer

24th Aug 2015 07:19

(ShareCast News) - Online gambling operator GVC Holdings claims it has made "significant progress" in bid talks with larger rival Bwin.party after rumours emerged 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.On Thursday GVC was reported to be ready to offer Bwin 130p a share, valuing the FTSE 250 company at around £1.1bn.Bwin previously recommended a cash-and-shares offer from 888 worth 104.75p at last Wednesday's closing price.But even if 888 decided to return with its own sweetened offer, GVC would not be deterred, sources cited by the Times suggested.