Bwin.party Digital Entertainment Share Discussion Threads

[nigelmoat] 27/7/2015 11:42

Developing into a mini bidding war over the spoils here? Will 888 come back with a second higher offer to trump the deal? Can they afford not to?

[loganair] 27/7/2015 11:23

Analysts at Davy described the sweetened bid as "a real statement of intent from GVC".

They said: "The proposed premium over the accepted offer by 888 is such that the Bwin.party board will probably have no choice but to re-consider its acceptance of the 888 offer.

"That will put the ball back in 888’s court. We would be surprised if 888 does not come back with a counter-offer of its own."

Bwin and its adviser Deutsche Bank decided that because of Amaya’s involvement, the GVC proposal was too complex and therefore riskier than 888’s lower offer.

However, since Bwin recommended 888’s takeover, GVC has replaced Amaya with Cerberus to help it put together an improved offer. Analysts at Canaccord Genuity said on Monday that the new bid offered “reduced execution risk” because it was supported by the US private equity house, rather than the Canadian gambling business.

GVC believes it can achieve cost savings of €135m a year by 2017 if it buys Bwin.

“This is equivalent to 122pc of our projected 2017 ebitda for Bwin.party, and materially ahead of the ‘not less than $70m’ of synergies proposed by 888,” the Canaccord analysts said.

[tines] 26/7/2015 21:36

Cash/equity needed for original offer by 888 is about £310.45(or $485M) but 888 taking out $600M loan.. Possibly anticipating needing it for a higher bid?

[frankiethecabbie] 26/7/2015 19:24

Spring owl want 888 stock

[brownie69] 26/7/2015 15:42

There is little doubt that GVC offer the best synergies as 888 don't have a sportsbook to integrate to. Thus best long term value to BPTY sholders who take GVC paper.

120p should do it and create a great shorting opportunity as 888 paper retreats back to its pre bid level of 160p.

[loganair] 26/7/2015 11:16

As a long suffering Bwin shareholder I for one would much prefer Bwin being take-over by GVC than 888 as I simply do not trust the BOD of 888 to do what is in the best interest of their and Bwin shareholders.

[loganair] 26/7/2015 09:17

If it happens I did not think that GVC could take-over Bwin on its own as unable to put forward sufficient cash element with out taking on too much debt.

If the offer does materialize I can see it be something like 50p cash from the hedge fund and 70p in GVC shares.

[skippybragagnolo] 26/7/2015 07:49

New bid offer for bwin at around £1.20 a share as stated in the Sunday timesCourtesy of Saj3 on GVC board

[skippybragagnolo] 26/7/2015 07:48

Nicked from GVC board-THE owner of Sportingbet has teamed up with an aggressive American hedge fund to roar back into contention for Bwin.Party Digital Entertainment with a £1bn takeover bid.Shared from The Times & Sunday Times iPhone app

[hubshank] 24/7/2015 16:51

Don't dispair adh0. You may sell if they hit £1.10 or whatever, and then in a year regret it. Having sat this through for so long, is it not worth seeing it through to the end? I am...

[loganair] 24/7/2015 15:05

Strange the last two brokers have come out with 115p price target on Bwin, I wonder if they think GVC will be coming back with a 115p cash and shares bid.

[adh0] 24/7/2015 13:27

Lads and Corals have managed to get their act together in half the time this has been going on. I was hopeful for a bid of £1.40+ at one point I now will be grateful for £1.20 and actually if the price now creeps up to over £1.10 and I'm in a bad mood I might just say sod it and sell my shares for that to put an end to the damn thing.Investing in this mess (originally just party when I bought most of mine) has cost me more than I want to think about.

[hubshank] 24/7/2015 07:51

It seems that the completion of the deal date is so far away, that I wonder if they are using a "suck it and see" approach, ie, if one course of events happens, we will go ahead with the acquisition, if things go in a different direction, both parties will walk away. It should only take 60 days max for the paperwork to be done: granted full integration will take significantly longer.

[hubshank] 24/7/2015 07:43

mawc - is that from the proposal that you posted on here the other day?

[mawc] 23/7/2015 22:13

This will drag out for a long time yet...? It is currently expected that the Scheme Document, the Prospectus and the 888 Class 1 Circular will be posted by the end of August 2015.? It is currently expected that the Scheme will become effective by the end of Q4 in 2015 or in the early part of Q1 in 2016, subject to the satisfaction or waiver of the Conditions and certain further terms set out in Appendix I to this announcement.

[hubshank] 23/7/2015 18:51

Not that I have seen. What is more, surely BPTY would have to put out an RNS - and I would imagine shares would be suspended???

[loganair] 23/7/2015 18:33

Is there actually a formal offer from 888 at the moment because there is nothing on my brokers site, no 'Corporate action' or anything....