GVC, Bwin confirm talks to iron out offer details

But even if 888 made a decision to return with its own sweetened offer, GVC would not be deterred, sources cited by the Times suggested.

GVC Holdings Plc said it’s still working with Bwin.party Digital Entertainment Plc on a 1 billion-pound ($1.6 billion) takeover offer as it seeks to break up 888 Holdings Plc’s agreement to acquire the online gaming company.

Noting its vantage point, analysts and industry commentators have stated that it is likely that bwin.party governance will hold out for bid increases from both 888 and GVC.

GVC is offering 25p in cash and 0.231 of a share, leaving the offer worth a total of 124p, slightly below the 125.5p when the terms were first announced three weeks ago.

“The company will update shareholders accordingly”.

The Proposal values bwin.party at approximately 124 pence per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427 pence.

“Significant progress has been made and the GVC board expects to be in a position to resubmit its proposal to the Bwin.party board in the near future”, GVC said.

Furthermore the London AIM listed operator is willing to turn its back on the takeover battle if 888 remains the recommended bidder with its current £908 million value of bwin.party assets.

GVC has since jettisoned the Amaya Gaming partnership plan in favor of different secondary funding from private-equity group Cerberus Capital Management, which is believed to be more palatable to bwin.party executives.