Bwin.party Asks GVC for Best Offer: Prepared to Dump 888

Reuters is reporting that key aspects of GVC’s proposal to buy publicly traded online gambling firm Bwin.party for approximately 1 billion pound ($1.55 billion) have been met.

GVC appeared to have lost the race to acquire the online gambling powerhouse to 888 Holdings last month but returned with two improved offers to hijack the deal, including the 1 billion pound bid.

"Bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to make aformal offer to acquire all of the issued and to be issued shares in bwin.party," a Bwin statement said.

At the forefront of any deal is activist investor Jason Ader, who pulls many of the strings behind bwin.party, having obtained a significant number of shares in that company.

- Aaron Goldstein, Gambling911.com