Eight months after the appointment of advisers, a sale of Bwin.party digital entertainment appears to be in the final furlong. However, with the two remaining suitors — 888 Holdings and GVC Holdings — neck and neck, separating the competing offers appears to be proving difficult for the Bwin.party board.
While little detail of their offers has been given, research suggests that they are broadly similar. GVC is thought to be offering about 110p, valuing the online gambling operator at about £900 million. City sources suggest 888’s offer is pitched a shade lower.
The proportion of cash on offer is also similar, with GVC offering 45 per cent in cash and the rest in shares, while 888’s bid is estimated to be about 40 per cent