September 4, 2015 / 6:23 AM / 2 years ago

BRIEF-GVC says Bwin accepts its offer over 888

Sept 4 (Reuters) - GVC Holdings Plc :

* Boards of GVC and Bwin.party are pleased to announce that they have reached agreement on terms of a recommended offer

* Under terms of offer, Bwin.party shareholders will be entitled to receive 25 pence in cash and 0.231 new GVC shares for each bwin.party share held

* Offer represents a value of approximately 129.64 pence per Bwin.party share

* Offer represents a premium of about 12.5 pct to closing price per Bwin.party share of 115.20 pence on Sept. 3 2015

* Cash consideration payable under offer will be funded by up to EUR 400 million (about 291.3 million stg) of senior secured debt provided by Cerberus

* Following completion, Bwin.party shareholders will own approximately 66.6 per cent of combined group

* In addition GVC proposes to raise approximately 150 million stg by way of a placing of new GVC shares to institutional investors

* Offer will include a mix and match facility, so that Bwin.party shareholders will be able to elect to vary proportions of cash and new GVC shares they receive Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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