GVC Holdings could increase bwin.party offer

Bwin last month rejected GVC’s initial 908 million pound offer in favour of a 900 million pound offer from rival 888 Holdings Plc. The bidding war continues now but with a new twist that has GVC executives thinking twice about the situation they are saddled with. As for 37 Entertainment, its was to provide the related market services. 37 Entertainment maintains it had begun to build websites for the French and English speaking consumers of online gambling products in the Canadian jurisdictions.

The newspaper said that Bwin’s board is scheduled to meet on Thursday to decide on GVC’s increased offer.

Media reported that 37 Entertainment argued in its filing to the London Court of worldwide Arbitration that the signing of the agreement was just a formality. Reports also confirmed that the two companies have not signed any final contracts, but 37 Entertainment says that all important details of the terms were agreed upon by both groups with verbal and written commitments.

It’s most likely, however, that if a new bid is accepted, 888 will opt to offer a more favorable set of takeover conditions rather than try to outbid GVC per se. 37ENT said that “excuses were coming fast and furious”, as GVC management moved its focus to the bwin.party Digital Entertainment acquisition and proposal.

A spokesperson for GVC commented that the claim has no merit as no formal agreement has been signed between the two involved parties.

According to British media, GVC had reached an agreement with the Canadian company to jointly operate two Sportingbet sites. “GVC is continuously exploring new relationships… and not all opportunities reach maturity”.