The battle for control of Bwin.party took another twist as GVC Holdings outlined a higher offer for the online gambling group.
GVC said on Friday it had made a cash and shares offer worth 125.5p a share that values Bwin at just over £1bn.
That is about £100m higher than the initial offer made last month by GVC, an online sports betting and gaming group.
The Aim-listed company is attempting to derail an agreed offer for Bwin from rival 888 Holdings that was recommended by Bwin’s board in mid-July.
GVC said it was working with Bwin so its board could evaluate the higher offer. That process should conclude in the next five to 10 working days, the company said.
FoxyBingo owner Bwin said the GVC move did not change its recommendation of 888’s offer, which valued the company at just under £900m.
Shares in Bwin rose 0.5p to 117.6p during morning trading in London, valuing the business at £975m. The stock has jumped 38% in the three months following the 888 approach.
Bwin said there was “significant industrial logic” in combining with 888.
Analysts at Peel Hunt said last month that 888 had one of the industry’s best management teams: “Strategically the deal is compelling and the $70m (£45m) of targeted synergies is no doubt a conservative number.”
Both suitors are worth less than Bwin, with 888 valued at £610m and GVC just £269m.
Bwin also owns online gaming brands including Partypoker and Partycasino.
It was formed from a merger of Austria’s Bwin Interactive Entertainment and PartyGaming, based in Gibraltar, in March 2011 and generates annual revenues of €612m (£430m).
William Hill made an offer for 888 earlier this year that valued the company at about £750m, but talks broke down over price.
