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Bwin admits investors split on its backing of GVC takeover
September 4, 2015 / 7:23 AM / in 2 years

Bwin admits investors split on its backing of GVC takeover

LONDON (Reuters) - Online gambling firm Bwin.party, which on Friday accepted a 1.06 billion pound takeover from GVC, said many of its investors had been split on whether to back the approach over a rival offer from 888.

Betting company Bwin Interactive Entertainment AG logo is pictured with chips and cards on a poker table during an event in Paris, December 3, 2010. REUTERS/Charles Platiau

Bwin Chairman Philip Yea said it had talked with over half of its shareholder base before deciding to ditch a previously recommended 900 million pound offer from 888, and a subsequent improved terms, in favour of GVC’s bid.

”There was a pretty even split of those that expressed views one way or the other. But we also had a significant block of shares that was happy to support the board on its deliberations, Yea said.

“Having gone through the process we are very hopeful that our shareholders will support the board.”

Yea, who will not take up a position in the enlarged group, said that he could not rule out some disposals as part of the GVC takeover but stressed it was not a core element of deal.

Reporting by Neil Maidment; Editing by Keith Weir

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