Further to the announcement made by the Company on 7 August 2015, in which the GVC Board confirmed that it had made a fully funded proposal to the Board of bwin.party digital entertainment plc (“bwin.party”) for the acquisition of the entire issued and to be issued share capital of bwin.party and which valued each bwin.party share at 25p in cash and 0.231 new GVC ordinary shares, the GVC Board is pleased to confirm that it continues to work closely with bwin.party and its advisers with a view to finalising the open aspects of its Proposal (as defined in the 7 August 2015 announcement).
Since the 7 August 2015 announcement, 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 and on the same terms as set out in the 7 August 2015 announcement, having resolved the remaining open issues to both parties’ satisfaction. The Company will update shareholders accordingly.
The Proposal values bwin.party at approximately 124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p.
There can be no certainty that an offer for bwin.party will be made by the Company.
For further information:
|Cenkos Securities plc (Nomad & Broker)||Tel: +44 (0) 20 7397 8900|
|Mark Connelly, Stephen Keys, Camilla Hume|
|Houlihan Lokey (Financial Adviser)||Tel: +44 (0) 20 7839 3355|
|Bell Pottinger||Tel: +44 (0) 20 3772 2496|
|David Rydell, James Newman, Anna Legge|
About GVC Holdings PLC
GVC Holdings PLC is a leading e-gaming operator in both b2c and b2b markets. Its core brands are CasinoClub, Betboo and Sportingbet. The Group has over 700 employees/consultants and is headquartered in the Isle of Man and has licenses in Malta, Denmark, UK, South Africa, Italy, Alderney and the Dutch Caribbean.
Further information on the Group is available at www.gvc-plc.com