September 4, 2015 / 10:54 AM / 2 years ago

Timeline: GVC trumps 888 in battle for Bwin

(Reuters) - Bwin.party ditched an agreed takeover deal with 888 on Friday in favor of a higher cash and share offer from GVC Holdings, creating a sports betting heavyweight in a sector being reshaped by consolidation.

Following are some of the key developments in the takeover saga.

Nov. 12, 2014 - Bwin says in early talks with a number of parties over a “variety of potential business combinations,” which could result in an offer for the firm.

March 11 - Bwin says talks about selling all or part of its business have become more serious.

March 21 - GVC CEO tells Reuters that the company is in talks for acquisitions and “something like” Bwin would be of interest.

May 15 - GVC says it has submitted a bid for Bwin.

May 18 - 888 says it has submitted a proposal to buy Bwin in cash and shares.

May 21 - Bwin says it expects to “reach a conclusion” in coming weeks as discussions with suitors enter a new stage.

July 9 - Bwin says GVC offers to buy it in cash and stock deal valued at 908 million pounds ($1.4 billion)

July 17 - 888 wins backing of Bwin board for cash and stock deal worth almost 900 million pounds.

July 21 - GVC says it is considering options regarding Bwin, but there is no certainty it will make new offer.

July 27 - GVC returns with a new 1-billion-pound ($1.55 billion) bid for rival Bwin.

Aug 7 - GVC raises offer for Bwin to 1.03 billion pounds ($1.6 billion).

Aug 24 - GVC, Bwin confirm talks to iron out offer details.

Aug 27 - Bwin asks GVC to table its best offer for the business after the duo addressed key concerns over the suitor’s latest 1 billion pound approach.

Sept 1 - 888 submits a revised takeover proposal as it looks to see off rival interest from GVC.

Sept 4 - Bwin agrees to a buyout offer from GVC of about 1.1 billion pounds, shifting its stance after the poker and sports betting firm had accepted an earlier offer from rival 888.

Compiled by Aastha Agnihotri in Bengaluru; Editing by Keith Weir

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