888 Holdings have announced the possible acquisition of bwin.party in a statement released on the 18th May. A proposal has been sent to bwin.party with an offer that would benefit both companies including the shareholders.
888 Holdings would then takeover the entire bwin.party and it's shareholders will receive either cash or shares in 888 Holdings in compensation.
A merger of the two companies would secure the 2nd place position of 888poker and add at least a thousand cash game players to their daily poker traffic.
bwin.party have received the proposal and issued a statement that they are currently reviewing the proposal and an announcement will be released soon.
888 Holdings announce bwin.party Merger
The 888 Holdings offer to takeover/merger with bwin.party would not doubt be beneficial to both parties, the proposal is currently being reviewed by the bwin.party board members and advisers. The transaction would also require the approval of the 888 shareholders who make up 59% of the 888 share capital.
The proposal requests the acquisition of bwin.party by 888 Holdings to takeover the entire share capital and issue cash or share capitals of 888Holdings to bwin.party shareholders.
888Poker would have a boost in player traffic if the all PartyPoker players were merged through the network or software. Both companies have already secured their positions in the USA market offering regulated online poker in New Jersey and Nevada.
888 Holdings Announcement
The Board of 888 (the "Board") has noted the recent press speculation concerning a possible offer for bwin.party by 888 and RNS announcement by bwin.party. The Board believes that there is significant industrial logic in a combination of 888 and bwin.party, benefiting both companies and all shareholders and accordingly, has submitted a proposal regarding the acquisition of the entire issued and to be issued share capital of bwin.party for consideration comprising cash and 888 shares.
Due to the size of the proposed transaction, it would require, inter alia, the approval of 888 shareholders. 888 shareholders representing approximately 59% of 888's share capital have irrevocably committed, subject to customary conditions, to vote in favour of the proposed transaction.
There can be no certainty that the submission of this proposal will lead to the Company being selected as the proposed acquirer of bwin.party or, in turn, completing a transaction. A further update will be provided in due course.
888 Holdings plc
Brian Mattingley, Executive Chairman
Itai Frieberger, Chief Operating Officer
Aviad Kobrine, Chief Financial Officer
Investec Bank plc (Joint Financial Adviser, Sponsor and Broker)
The Board of bwin.party has noted the announcement made by 888 Holdings plc and confirms that it has received a proposal to acquire the entire issued and to be issued share capital of bwin.party. The Board and its advisers are conducting a detailed review of the proposals received to-date and will make a further announcement in due course, however there can be no certainty that these proposals will result in a transaction being completed.
bwin.party digital entertainment plc