GVC Holdings have won a takeover bid against 888, to take control of Bwin, the online casino. Bwin accepted a £1.1 billion takeover deal from GVC. From earlier reports, Bwin was previously in talks to accept a £900 million deal from 888.
The Bwin Takeover
Bwin currently holds Foxy Bingo Partycasino, Partypoker; all of which have now become property of GVC. GVC has been very stubborn in pursuing the deal against 888. The £900 million deal was struck back in July, so GVC have been very busy undercutting it over the last 2 months.
Bwin chairman Phillip Yea, spoke out in a company video that shareholders were hesitant to give up on the 888 deal at first. 888 confirmed that they wouldn't be matching the GVC bid, as they no longer saw value in a bid at such a high cost.
This follows very closely in the wake of the recent Paddy Power Betfair merger.
A Common Occurrence
This is the most recent takeover in a string of takeovers that have been happening recently. With the Paddy Power Betfair merger, it's becoming clear that size and market share is becoming a key strategy in staying afloat in the industry.
We'll keep you posted on any further developments, but it's looking like the string of mergers isn't going to slow down anytime soon.